{"id":48995,"date":"2019-10-14T17:49:05","date_gmt":"2019-10-14T22:49:05","guid":{"rendered":"https:\/\/olduvai.ca\/?p=48995"},"modified":"2019-10-14T17:49:29","modified_gmt":"2019-10-14T22:49:29","slug":"underestimating-them-overestimating-us","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=48995","title":{"rendered":"Underestimating Them & Overestimating Us"},"content":{"rendered":"\n

UNDERESTIMATING THEM & OVERESTIMATING US<\/a><\/h3>\n\n\n\n

\u201cDo not underestimate the \u2018power of underestimation\u2019. They can\u2019t stop you, if they don\u2019t see you coming.\u201d<\/em> \u2015 Izey Victoria Odiase<\/strong><\/p>\n\n\n\n

\"Image<\/figure><\/div>\n\n\n\n

During the summer of 2008 I was writing articles a few times per week predicting an economic catastrophe and a banking crisis. When the biggest financial crisis since the Great Depression swept across the world, resulting in double digit unemployment, a 50% stock market crash in a matter of months, millions of home foreclosures, and the virtual insolvency of the criminal Wall Street banks, my predictions were vindicated. I was pretty smug and sure the start of this Fourth Turning would follow the path of the last Crisis, with a Greater Depression, economic disaster and war.<\/p>\n\n\n\n

In the summer of 2008, the national debt stood at $9.4 trillion, which amounted to 65% of GDP. Total credit market debt peaked at $54 trillion. Consumer debt peaked at $2.7 trillion. Mortgage debt crested at $14.8 trillion. The Federal Reserve balance sheet had been static at or below $900 billion for years.<\/p>\n\n\n\n

During 2007, a risk averse senior citizen couple (my parents) who had accumulated $200,000 of retirement savings over their lifetime of hard work, could generate $10,000 of interest income in a Vanguard money market fund yielding 5%. This supplemented their modest Social Security income of $20,000 to $30,000 per year. The interest rate on savings during normal economic times was generally 2% above inflation, which hovered around 3% in 2007 according to the data manipulators at the BLS.<\/p>\n\n\n\n

As the summer of 2008 progressed, I felt more disconnected. I had been doing everything possible to support Ron Paul\u2019s candidacy for president, but the masses weren\u2019t ready for the truth or the reality of our situation. In my opinion the country was already off-course and headed towards a debt created disaster. <\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

UNDERESTIMATING THEM & OVERESTIMATING US \u201cDo not underestimate the \u2018power of underestimation\u2019. They can\u2019t stop you, if they don\u2019t see you coming.\u201d \u2015 Izey Victoria Odiase During the summer of 2008 I was writing articles a few times per week predicting an economic catastrophe and a banking crisis. When the biggest financial crisis since the Great […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[8,63,195,383,8564,5856],"class_list":["post-48995","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-8","tag-banks","tag-debt","tag-great-depression","tag-jim-quinn","tag-the-burning-platform"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/48995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48995"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/48995\/revisions"}],"predecessor-version":[{"id":48997,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/48995\/revisions\/48997"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}