Obamageddon: Signs that we are on the verge of another Great Depression

By Wayne Allyn Root

The first sign is the fact that Bill Gross, head of the world’s largest bond fund (PIMCO), has just sold all of his domestic government bond holdings. Every single dollar. Do you have any idea what that means? In my opinion, Bill Gross is one of the ten smartest men on this planet. He knows everything about the economy and bonds. His sell-off indicates he believes governments at the local, state and federal level are on the verge of bankruptcy.

The next [sign]of economic disaster is even more ominous. Wall Street insiders are startled at how much money the Fed is pumping into the financial system. With over $500 billion pumped in during just the past three months, the vertical line for 2011 now reaches straight to the stars — a sign of complete financial panic. The last time such large amounts of money were pumped into the system was in the fall of 2008, when the U.S. economic system was on the verge of epic collapse. What has the Fed so scared at this moment? What is happening behind the scenes to cause such panic?

The [third sign] is that, only days ago, Dallas Federal Reserve President Richard Fisher admitted in a media interview that “the U.S. is on a fiscal path towards insolvency.” Expecting candor from Fed officials is like expecting an honest answer when asking O.J. whether he killed Nicole. Good luck. When a Fed official talks about “fiscal insolvency,” it’s time to get concerned, very concerned.

The[fourth sign] is a recent housing study proving the housing market is actually worse off now than it was in the depths of the Great Depression. From 1929 to 1932, new home sales in the United States declined by 80%. From 2005 to today, new home sales have plunged 82%. Even more frightening, the plunge seems to be accelerating. How low can it go?

[The fifth sign is that] the consumer confidence index just suffered the fifth-largest drop in history, and inflation at the producer level just spiked up in the largest one-month rise since the dreaded inflation and economic malaise of the 1970s.

I believe these “tells” are sure signs that Obamageddon: The Great Obama Depression has arrived. We are inches from a cliff as high as the Grand Canyon is deep. How we respond will determine whether America will face the same fate as other great empires (Greek, Roman, British) that self-destructed because of mountains of debt, entitlements, welfare, corruption, and overextended militaries. Forget the Great Depression of 1929. This life-or-death struggle to save America from Obamageddon will be the most dramatic, difficult and dangerous since 1776.

http://dailycaller.com/2011/03/29/obamageddon-signs-that-we-are-on-the-verge-of-another-great-depression/#ixzz1I6LEbSkd