Deputy Economics Minister Andrei Klepach in issuing his stark warning to President Medvedev that the Russian economy is now in recession has stated in even more catastrophic terms that the United States is facing nothing less than a total ‘Financial Armageddon’.   

Klepach’s warnings also echo those of the American researcher Michael J. Panzner who in his book titled ‘Financial Armageddon’ had tried to warn his Nations peoples about their coming collapse, none of whom listened to his warnings though while their was still time to protect themselves.  

More directly, however, Klepach’s warnings were based upon the collapse of the buyout for Canada’s phone giant this past week which he states is the ‘beginning of the end’ of American financial hegemony over the World, and as we can read:

“The collapse of what would have been the the largest leveraged buyout in history has some private equity executives fearing a financial “Armageddon,” The Financial Times reported.

On Wednesday night, the $50 billion takeover of BCE, parent of the phone giant Bell Canada, by a consortium of private equity firms collapsed, bringing the recent era of blockbuster corporate buyouts to an end.”

The ‘domino effect’ of this buyout collapse is reverberating through all of the World’s finance ministries and markets today with one of the United States largest hedge funds now informing its depositors that they can no longer access their money, and as we can read:

“Citadel Investment Group, the hedge fund firm run by Kenneth C. Griffin, halted year-end withdrawals from its two biggest funds after investors sought to take out $1.2 billion, according to a letter sent to clients.

The Kensington and Wellington funds, which together manage about $10 billion, have lost 49.5 percent of their value this year through Dec. 5. Withdrawals may resume as early as March 31, said the letter, signed by Mr. Griffin and sent to investors on Friday, Bloomberg News reported.”

Adding to the woes associated with this Global economic collapse is the just released World Bank report warning that we are now entering a time not seen since the Great Depression, and as we can read:

“The world could go through its worst recession since the Great Depression as a massive financial crisis has slashed global investment and sharp drops in commodity prices severely hurt poor-country exports, the World Bank warned.

The global development bank slashed its previous estimates for global growth to 2.5 percent in 2008 and 0.9 percent in 2009, well below the three percent rate typically considered the dividing line between global growth and contraction.

“The financial crisis is now likely to result in the most serious recession since the 1930s,” said the World Bank’s chief economist Justin Lin, as the group released its annual report on the global economy.”

To the catastrophic fate awaiting the American people however, is the collapse of their currency, and as we can read is already occurring:

“The biggest foreign-exchange strategists and investors say the best may be over for the dollar after a four-month, 24 percent rally.

The currency weakened 5.9 percent measured by the trade- weighted Dollar Index after strengthening between July and November as investors bought the greenback to flee riskier assets and repay dollar-denominated loans from lenders reining in credit. Ever since peaking on Nov. 21, the dollar fell against all 16 of the most-widely traded currencies, according to data compiled by Bloomberg.

U.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply of money may be overwhelming investors just as the government steps up debt sales, the trade and budget deficits grow and de-leveraging by investors slows.

“The dollar will go to new lows as the U.S. attacks its currency,” said John Taylor, chairman of New York-based FX Concepts Inc., which manages about $14.5 billion of currencies.”

In an even greater affront to the American people about the trillions of dollars being ‘unleashed’ upon the World by their government is that they are not allowed to even know who is receiving these staggering amounts of money, and as we can read:

“The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.”

Even worse for these American people is their not even realizing that the current financial chaos enveloping them is just beginning and is nowhere near seeing its ending point as another giant wave of home foreclosures is about to erupt and which is being termed as a ‘Foreclosure Storm’ getting ready to hit them as the new year begins and Jim Rogers, one of the World's most prominent International investors, is warning that most of the largest US banks are “totally bankrupt”.

In an even more bitter indictment of the American people, who many Russian economists have already labeled as ‘insane’, Klepach points out in his reports that these deluded people are actually still paying great portions of their monthly wages on home mortgages, auto loans and credit card bills which have already been taken off the books of their already failed banks as ‘uncollectible’ debts as all of these people will fall into bankruptcy by the end of 2010.  

One can only wonder as to why these people are paying anything at all to anyone other than their own family’s survival. It is as if they actually believe they will ‘somehow’ return to the spendthrift days of their past where they cared not one wit for the future as they, even now, continue plunging into the abyss.

We can only guess as to whether these people deserve our scorn or sympathy as they themselves appear to be living their lives in continued denial of the monstrous future being planned for them.  

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Translation to Spanish by: Sister Maru Barraza, Mazatlán, Mexico

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