Zero Hora Newspaper Lies to Readers about Chem-trails

By Luis R. Miranda
The Real Agenda
June 23, 2010

Chem-trails do not decorate or adorn the sky. They are part of an experiment used globally called Geo-engineering that seeks to limit the

Chem-trails are lines of toxic Aluminum Oxide, Barium and Sulfur left on the sky by airplanes with the intent of reflecting solar radiation.

amount of sunlight the planet receives in order to reduce the nonexistent global warming. As The Real Agenda already reported, chemical trails or chem-trails, as they are called in English, are composed of crystals of aluminum oxide, barium and sulfur, used to -according to some scientists-, block and reflect sunlight in order to decrease the temperature of the planet. The problem with these trails is that, inevitably, they become part of the air people breathe, causing them severe breathing problems and other health complications.

Geo-engineering, or the artificial manipulation of weather and climate patterns, is a topic that has stirred controversy after it was discovered that government agencies have studied and are still studying the application of weather modification techniques, they say, to eliminate or limit global warming and other weather “diseases”. As with other artificially engineered products, such as GM foods, most of us were ignorant about it and took a huge effort from the alternative media to uncover and expose this program. See the video of chemical trails over the city of Sao Leopoldo, RS, Brazil and planes spreading them here.

The use of chemical trails is not only a question of climate change, but involves a set of environmental changes. The first direct consequences of the spraying of chemicals have been a multitude of health complications to the population, as the effects of neurological and behavioral changes, impaired blood circulation, heart problems, effects on the eyes and vision, reproductive failure, damage to the immune system, gastrointestinal, liver and kidney function damage, hearing defects, disorders of the metabolism, dermatological lesions, asphyxiation and pulmonary embolism. How do we know? Tests conducted on people suffering from any or several of these complications have high levels of one or more of the chemicals sprayed on population centers. In other tests, air samples also showed high concentrations of barium and aluminum.

But if these tracks are not toxic chemicals, as the Zero Hora Newspaper says, why is Monsanto, a chemical company itself, creating seeds that can withstand the chemicals used in the spraying? According to Dr. Ilya Sandra Perlingieri, the chemicals applied to populated and depopulated areas are harming not only the environment but also human health.

“… We also know that certain types of chemicals can damage human health and animals, especially the immune system … … the dangers of hormonal changes are now more fully explained in the Internet but are not well known by people who listen to traditional news media.(1) Most of these highly toxic chemicals are invisible and thus are easily out of our collective radar. With the level of stress created by the financial crisis deliberately orchestrated by the elites, where millions of people lost their jobs and homes, a deteriorating environment is not a priority for anyone, especially if there is little information about it. This scenario is part of a broader perspective and is what Naomi Klein writes in his book “The Shock Doctrine.” We have major crises, one after another, making it difficult to keep up with our daily routine, much less to have time to consider the toxicological implications of huge amounts of heavy metals and chemicals that poison our food chain and therefore our supposed health . ”We’re on top of a food chain in ruins. ”

Read the complete evaluation from Dr. Perlingieri on Geo-engineering and climate change here.

Chem-trails over Sao Leopoldo, Brazil on June 4th, 2010

In spite of negative consequences, there are scientists who insist on the use of chemical trails.”I suggest that both the aluminum oxide as well as silica particles can be used diluted as an additive in the fuel used in aviation,” writes engineer John Gorman, who conducted experiments to test the feasibility of such a scenario. ”We want to burn fuel containing the additive specifically when the aircraft is strolling in the lower stratosphere,” he adds. Reports of chemical trails over hundreds of cities in countries around the world are now common. Plumes of smoke paint the blue skies of gray after commercial and private planes release chemicals. Both government agencies and institutions such as the air force and private contractors are responsible for operating the aircraft, putting the chemicals in tanks or even in the fuel that airplanes use.

With all the negative effects that chem-trails have had on populations, many scientists have made pronouncements about the dangers that this type of Geo-engineering poses to the environment and people. Dan Schrag, from Harvard University, warned that any attempt to change the environment, including the ecosystem itself, could have disastrous consequences, including droughts and other natural disasters. ”I think we should consider the climate engineering only as an emergency response to a climate crisis, but there is no evidence to show that a climate crisis exists,” said Schrag. Alan Robock, a professor at Rutgers University, says the consequences could go much further than drought. These experiences, he says, “could create disasters”, damaging the ozone layer and potentially changing the stratosphere, eliminating weather patterns, such as the rainy season from which billions of people depend on for their crops and to feed their families. “The problem is that this is exactly what the use of chemical trails are supposed to do: change weather patterns. The use of chemicals to block the sun’s rays will lead to drastic changes in the biosphere and atmosphere, such as the hydrological cycle, wind patterns and how the sun drives the winds around the planet. Other consequences such as soil fertility and water availability are beginning to be emerge.

Do not let the lies of the Zero Hora newspaper confuse you. Geo-engineering and chemical trails are not the same as condensation trails or contrails. While the contrails disappear after a few minutes in the sky, chem-trails are left by airplanes crossing the sky several times, producing figures like chessboards, circles and semi-circles.

If humans are responsible for global warming, why block the sun? The truth is that the sun is the most gigantic hot body in the solar system and as such, the element that determines the climate. Different calculations estimate that human activity emits only between 4 and 6 percent of total CO2 in the atmosphere, thus having little influence on weather patterns. Volcanic eruptions and the sun, for example, have a greater effect on climate than any human activity. CO2 is really what most of the biosphere uses as food. An environment rich with CO2, provides more fuel for the plants and trees and more food for animals and humans. Another consequence of chemical trails is acid rain. Raindrops containing chemicals cause massive acidification of lakes and rivers, contributing to the poisoning of humans, trees at higher elevations and many sensitive forest soils.

But not only those who reject the theory of anthropogenic global warming are skeptical about the use of chemical trails. The chief scientist of Greenpeace UK, Doug Parr, a defender of the explanation of anthropogenic global warming, disqualifies Geo-engineering as “strange” and “dangerous.” A report from KSLA earlier this year found that chemical experiments with aerosols have been happening for decades. The report revealed experiments exposed in 1977 in hearings before the U.S. Senate. The report showed experiments with biochemical compounds in humans and reported that “239 populated areas were contaminated with biological agents between 1949 and 1969.

According to the article on Zero Hora, -which omits the name of the reporter- these tracks mean nothing more than random condensation of

This is what a chem-trail looks like 30 minutes after it was sprayed. It then spreads and covers the sky in what seems to be haze.

contrails, but the evidence shows exactly the opposite. The newspaper reporters are ignorant or simply lie to their readers deliberately.

If the ultimate goal of Geo-engineering is to reduce the effects of global warming due to human activity and their related emissions of greenhouse gases, you would think that this method would at least have a good chance of working, Would not you? Well, it happens that Geo-engineering has no effect in preventing what corrupt scientists say causes global warming in the atmosphere. Therefore, the use of chemical trails is at best an inefficient solution and, at worst, a mass poisoning of humanity.

Scientist David Suzuki says Geo-engineering is “madness” and goes further to say: “If we learned anything from the past, is that although we are very skillful in inventing new and powerful technologies, our knowledge of how our world works and how things are interconnected is almost zero. ”

But there is a more worrisome aspect about Geo-engineering We all know what governments are capable of doing when they want to manipulate people: inexplicable wars, false pandemics, non-existent terrorist events … Although the use of chemicals as weapons of war is generally seen as morally and universally banned, we have seen very convincing evidence that such a prohibition is not always respected. According to an article published in Wired Magazine, other forms of Geo-engineering such as ocean fertilization can be used to sterilize the oceans, that in turn would destroy fisheries and water ecosystems.

Even the globalist United Nations, traditional supporter of these policies expressed concern with the use of chemical trails. The 14th Session of the Subsidiary Body on Scientific, Technical and Technological Advice was the first place where the United Nations Council discussed Geo-engineering since the signing of the ENMOD Treaty in 1976. The treaty banned Geo-engineering when it is used for hostile purposes.  SBSTTA 14 will recommend to the UN Convention on Biological Diversity to impose a moratorium on all activities related to climate change through Geo-engineering at a meeting in Nagoya Japan on October 2010.

So why have we adopted a technique of changing the climate which is harmful to humans and whose main goal is not achievable? Who benefits from this type of Geo-engineering technologies that are adopted for other reasons? Certainly not the environment. More answers about chemical trails or chem-trails, its origins and what they mean can be found in The Science of “Air Pharmacology” and “Chemtrails.”

Naturally, the knowledge spreads faster and better when more people locally and responsibly report on these issues. So tell your family, friends and acquaintances about the origin and dangers of Geo-engineering around the globe. Just as THE PEOPLE exposed the lies about anthropogenic global warming and Climategate, it is our duty to expose this too.

To my colleagues at the Zero Hora newspaper, I have to say: it costs nothing to write a full report with credible sources and facts. But I think we all know why this newspaper avoids writing the truth. It is part of the great media empire from Brazil known as GLOBO. Maybe it’s hard to speak or write the truth while working there. Only those who lend themselves to lie or tell half-truths because of their ignorance or laziness have space in a company like Zero Hora or the GLOBO empire.

Prince Charles calls for Eugenics in poor countries

London Telegraph

The Prince of Wales has called for greater population control in the developing world and hailed the success of “family planning services” in some countries.

He said more needs to be done because of the “monumental” problems that face the environment as population numbers “rocket”

Prince Charles of Wales is, along with Bill Gates, one of the strongest pushers for eugenics in the developing world.

and traditional societies become more consumerist. There needed to be more “honesty” about the fact the “cultural” pressures keep the global birth rate high.

The Prince also said the traditional religious views of the sanctity of life, which are often used to oppose the use of condoms and other contraceptives, must be balanced with the imperative to live within the limits of nature.

His comments, made in an important speech on Islam and the environment, will be seen as controversial within both the green lobby and some religious circles.

Although the heir to the throne is a long-standing champion of ecological causes and the benefits of faith, some believe that Western commentators do not have the right to tell residents of less wealthy nations that they should have fewer children or consume less in order to keep carbon emissions down. Many of the world’s great religions, meanwhile, oppose the widespread use of contraception.

Speaking at the Sheldonian Theatre, in a lecture to mark the 25th anniversary of the Oxford Centre for Islamic Studies of which he is patron, the Prince told how the population of Lagos in Nigeria has risen from 300,000 to 20 million during his lifetime.

He went on: “I could have chosen Mumbai, Cairo or Mexico City; wherever you look, the world’s population is increasing fast. It goes up by the equivalent of the entire population of the United Kingdom every year. Which means that this poor planet of ours, which already struggles to sustain 6.8 billion people, will somehow have to support over 9 billion people within 50 years.”

He acknowledged that long-term predictions are for a fall in global population but insisted: “In the next 50 years, we face monumental problems as the figures rocket.”

The Prince said the Earth could not “sustain us all”, particularly if a “vast proportion” is consuming natural resources at “Western levels”.

“It would certainly help if the acceleration slowed down, but it would also help if the world reduced its desire to consume.”

Talking about the “micro-credit” schemes developed in Bangladesh, he said: “Interestingly, where the loans are managed by the women of the community, the birth rate has gone down. The impact of these sorts of schemes, of education and the provision of family planning services, has been widespread.

“I fear there is little chance these sorts of schemes can help the plight of many millions of people unless we all face up to the fact more honestly than we do that one of the biggest causes of high birth rates remains cultural.”

He admitted it raised “very difficult moral questions” but suggested we should come to a view that balances “the traditional attitude to the sacred nature of life” with religious teachings that urge humans to “keep within the limits of Nature’s benevolence and bounty”.

Roman Catholics believe it is against “natural law” to use artificial methods to prevent conception while some conservative Muslim scholars teach that birth control is wrong. Condoms are opposed by Orthodox Judaism and some contraceptive techniques are unacceptable to Buddhists.

However the Prince also expressed his view that religion is needed to solve the world’s environmental and financial crises, which he claimed reflect the fact that “the soul has been elbowed out” in the quest for economic profit.

He said the Islamic world has one of the “greatest treasuries of accumulated wisdom and spiritual knowledge”, but lamented the fact that it is now often “obscured by the dominant drive towards Western materialism – the feeling that to be truly ‘modern’ you have to ape the West”.

The Prince said it was a “tragedy” that traditional Islamic crafts are being abandoned, and called upon Muslims to use their heritage to protect the environment.

He concluded that the world is “on the wrong road” and should not be “pigheaded” about refusing to acknowledge that fact, but should instead “retrace our steps” and return to working within nature rather than against it.

It is the first time the Prince has spoken at length about birth control since 1992, when he appeared to include the Vatican among “certain delegations” who are “determined to prevent discussion of population growth”. He spoke about birth control to politicians and community project workers in Bangladesh five years later.

The Cycle of Debt Deflation

Before It’s News

One of the most famous quotations of Austrian economist Ludwig von Mises is that “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.” In fact, the US economy is in a downward spiral of debt deflation despite the bold actions of the federal government and of the US Federal Reserve taken in response to the financial crisis that began in 2008 and the associated recession. Although the vicious circle of debt deflation is not widely recognized, precisely what von Mises described is happening before our eyes.

A variety of positive economic data has been reported in recent months. Retail sales rose 0.4% in April 2010 as consumer spending rose and the US gross domestic product (GDP) grew at a rate of 3%.  In May 2010, home sales rose to a five-month high and consumer confidence rose 17% (from 57.7 to 63.3). Industrial production rose 0.8% and durable goods orders rose 2.9%, more than had been forecast. However, the modest gains reported represent the continuing adaptation of economic activity at dramatically lower levels compared to the pre-recession period and most of the reported gains have been substantially manufactured by massive government deficit spending.

Despite the widely reported green shoots, in May, the unemployment rate rose to 9.9% while paychecks in the private sector shrank to historic lows as a percentage of personal income, and personal bankruptcies rose. Roughly 14% of US mortgages are delinquent or in foreclosure, credit card defaults are rising and consumer spending hit 7 month lows. To make matters worse, the reported increase in consumer credit, in fact, points to a further deterioration because consumers appear to be borrowing to service existing debt. Outside of the federal government, which is borrowing at record levels and expanding as a percentage of GDP, and outside of the bailed out financial sector, debt deflation has continued unabated since 2008.

Money Supply vs. Debt Service

A contraction of the broad money supply is taking place because the influx of money into the US economy, i.e., lending to consumers and non financial businesses, has fallen below the rate at which money is flowing out of general circulation as a function of debt service (interest and principle payments on existing debt), thus a net drain of money from the broad US economy is taking place. As a result, additional borrowing, as consumer spending falls, appears to be servicing existing debt in a pattern that is clearly unsustainable and that signals a further rise in debt defaults in coming months.
M3
Chart courtesy of Shadow Government Statistics
The estimate of the broad money supply (the Federal Reserve’s M3 monetary aggregate) is crashing and the Federal Reserve’s M1 Money Multiplier, a measure of how much new money is created through lending activity, fell off of a cliff in 2008, and remains practically flat-lined.
MULT
Chart courtesy of the Federal Reserve Bank of St. Louis
The contraction of the broad money supply points to a potential slowing of economic activity and indicates that consumers and non financial businesses will be less able to service existing debt. Despite easing somewhat in March 2010, credit card losses are expected to remain near 10% over the next year and mortgage delinquencies, are currently at a record highs, and these dismal predictions implicitly assume a stable or growing money supply.

A tsunami of eventual mortgage defaults seems to be building and loan modifications have been a failure thus far. There have been only a small number of permanent loan modifications (295,348) under the Home Affordable Modification Program (HAMP) in 2009, out of 3.3 million eligible (60 days delinquent) loans and more than half of modified loans default.

Mortgage Delinquencies and Foreclosures
Chart courtesy of Calculated Risk
Although it has been reported that American consumers are saving at a rate of 3.4%, the contraction of the broad money supply suggests savings liquidation. Given a contracting money supply, ongoing debt defaults and declining consumer spending, the increase in non-mortgage consumer loans indicates that consumers are borrowing where possible to consolidate debts, cover debt service, or borrowing to continue operating financially as their total debt grows, thus as they approach insolvency.
CONSUMER
Chart courtesy of the Federal Reserve Bank of St. Louis
The increase in non-mortgage consumer loans has not prevented an overall decline in total household debt attributed to ongoing deleveraging by consumers. While deleveraging (paying down debt) has been interpreted as caution on the part of consumers, or as low consumer confidence, the decline in outstanding credit reflects a reduced ability to borrow, i.e., to service additional debt. This suggests that the recovery of the US economy may be illusory and that the economy is likely to contract further in coming months.
CMDEBT
Chart courtesy of the Federal Reserve Bank of St. Louis
Commercial borrowing has declined more sharply than household debt suggesting that the nominal return to growth estimated at 3% has not been matched by debt financed expansion in the private sector.
BUSLOANS
Chart courtesy of the Federal Reserve Bank of St. Louis
The broad US money supply is no longer being maintained or expanded by normal lending activity. If federal government deficit spending ($1.5 trillion annually), debt monetization and emergency actions by the Federal Reserve (totaling an estimated $1.5 trillion since 2008) to recapitalize banks are considered separately, there remains a net drain effect on the broad money supply. The scarcity of money hampers economic activity, i.e., money is less available for investment, and directly exacerbates debt defaults as consumers and businesses experience cash shortfalls, while at the same time being less able to borrow. Since unemployment is a key indicator of recession, then if the US economy were contracting, it would be evident in unemployment statistics.

Structural Unemployment

Unemployment and labor force data suggest that the US labor market is in a structural decline, i.e., millions of jobs have been and are being permanently eliminated, perhaps as a long term consequence of off-shoring, outsourcing to other countries and the ongoing de-industrialization of the United States. However, the immediate meaning of the term “structural” has to with the fact that jobs created or sustained during the unprecedented expansion of debt leading to the financial crisis that began in 2008, e.g., a substantial portion of service sector jobs created in the past two decades now appear not to be viable outside of a credit expansion.

Officially, the US unemployment rate rose to 9.9% in April 2010, which represents the percentage of workers claiming unemployment benefits. However, the total number of unemployed or underemployed persons, including so-called “discouraged workers” (Bureau of Labor Statistics U-6), rose to 17.1%. Using the same methods that the BLS had used prior to the Clinton administration, U-6 would be approximately 22%, rather than the official 17.1% statistic.

U-6 Unemployment
Chart courtesy of Shadow Government Statistics
With official U-6 unemployment of 17.1% and a workforce of 154.1 million there are roughly 26,197,000 people officially out of work. Using the pre-Clinton U-6 unemployment calculation of approximately 22%, there would be 33.9 million unemployed. If the average US household consists of 2.6 persons and if 33% of the unemployed are sole wage earners, then 55.5 million US citizens currently have no means of financial support (17.9% of the population).
Unemployment by Duration
Chart courtesy of Calculated Risk
While it has been reported that the labor force is shrinking, the characterization of workers permanently exiting the workforce by choice may be inaccurate. While a shrinking workforce could reflect demographic changes, the rate of change suggests that tens of millions of Americans are simply unemployed.
EMRATIO
Chart courtesy of the Federal Reserve Bank of St. Louis
Setting aside the question of whether or not those “not in the workforce” are, in fact, permanently unemployed, the workforce, as a percentage of the total US population, is currently at 1970s levels. Since many more households today depend on two incomes to meet their obligations, compared to the 1970s, a marked drop in the percentage of the population in the workforce points to a decline in the labor market more significant than official unemployment statistics suggest. What is more important, however, is that structural unemployment suggests structural government deficits, e.g., unemployment benefits, welfare, food stamps, etc. Since more than 2/3 of US GDP (roughly 70%) consists of consumer spending, a sustainable recovery from recession seems improbable if unemployment is worsening or if the labor force is in a structural decline, since that would imply unsustainable government deficits, whether or not they are masked by nominal GDP gains thanks to economic stimulus measures.

Government and GDP Growth

The US federal government is a growing portion of GDP, thus reported GDP growth is largely a byproduct of government deficit spending and stimulus measures, i.e., reported GDP growth is unsustainable. Total government spending at the local, state and federal levels accounts for as much as 45% of GDP, thus nominal gains would be expected when government deficit spending increases. According to some measures, reported gains in GDP are a byproduct of relatively new statistical methods and, using earlier methods of calculation, GDP remains negative.
GDP
Chart courtesy of Shadow Government Statistics
Government borrowing and spending may have offset declines in the private sector but only to a degree and only temporarily. The resulting growth in US public debt has an eventual mathematical limit: insolvency. Of course, the actual limit to US borrowing remains unknown. The continuing solvency of the US depends on the ability and willingness of governments, banks and investors around the world to lend to the US, which in turn depends on the tolerance of lenders for the US government’s profligacy and money printing by the Federal Reserve, e.g., quantitative easing and exchanging new cash for worthless bank assets. US Treasury bond auctions will fail if lenders conclude that a sufficiently large portion of their investment will be diluted into oblivion by proverbial money printing. In that event, the US dollar will surely plummet, despite deflationary pressures within the domestic US economy, and the cost of foreign goods, e.g., oil, will rise causing high inflation or triggering hyperinflation.
GFDEBTN
Chart courtesy of the Federal Reserve Bank of St. Louis
According to the Bank for International Settlements (BIS), the federal budget deficit increased from 3.1% of GDP in 2007 to 9.2% in 2010.  Rather than being the result of one-time expenses, such as temporary stimulus measures, much of the deficit represents permanent increases in government spending, e.g., due to the growing number of federal employees. If increased government spending is removed, GDP appears to be declining significantly.
GDP Minus Government Deficit Spending
Chart courtesy of Karl Denninger
Of course, sustainability has more to do with total debt than with deficit spending because a deficit assumes that there is an underlying capacity to service additional debt.

Unsustainable Debt

While asset prices have declined, e.g., real estate and equities, debt levels have remained high due to the federal government’s policy of preserving bank balance sheets, which had ballooned prior to the financial crisis to the point that overall debt in the US economy reached unsustainable levels.
Total Debt to GDP
Chart courtesy of Karl Denninger
The absolute debt to GDP ratio of the US economy peaked in 2007 when debt levels exceeded the ability of the economy to service debt from income based on production, even at low interest rates. Although US GDP began to decline prior to the advent of the global financial crisis, debt coverage had been in decline approximately since the 1970s, coincidentally, around the time that the US dollar was decoupled from gold.
Declining Debt Coverage from 1971 on
Chart courtesy of Karl Denninger
Government deficit spending cannot correct the situation because, for every dollar of new borrowing, the gain in GDP is negligible and some have argued that the US economy has passed the point of “debt saturation.”
Debt Saturation
Chart courtesy of Nathan A. Martin
In a growing economy, additional debt can result in a net gain in GDP because the money supply grows and economic activity is stimulated by transactions that flow through the economy as a result. The debt saturation hypothesis is that, as debt levels rise, additional debt has less impact on GDP until a point is reached where new debt causes GDP to decline, i.e., the capacity of the economy to service debt has been exceeded and, not only is it impossible for the economy to grow at a rate sufficient to service existing debt (since interest compounds), but economic activity actually declines further as a function of additional debt.

A Downward Spiral

The process of debt deflation is straightforward. New lending at levels that would maintain or expand the broad money supply is impossible for two reasons: (1) asset values and incomes have fallen and millions remain unemployed; and (2) debt levels remain excessive compared to GDP, i.e., real economic activity (outside of the government and financial services industry) cannot service additional debt. The inability to lend, actually the result of prior excess lending, results in a net drain of money from the economy. The drain effect, in turn, leads to further defaults as cash strapped consumers and businesses fail to service existing debt, and as debt defaults impact bank balance sheets, putting a damper on new lending and completing the cycle of debt deflation.

Keynesian economic policies, i.e., government deficit spending, are irrelevant vis-à-vis excessive debt levels in the economy and bailing out banks is not a solution since it cannot stop the deterioration of their balance sheets. The process is self-perpetuating and cannot be stopped by any government or monetary policy because it is not a matter of policy, but rather one of mathematics.

Since the presence of excess debt (beyond what can be supported by a stable GDP, or by sustainable GDP growth) impacts the broad money supply, efforts to preserve bank balance sheets, i.e., to keep otherwise bad loans on the books of banks at full value, will ultimately cause bank balance sheets to deteriorate more than they would have otherwise. The fact that US banks issued trillions in bad loans cannot be corrected by changing accounting rules, nor can the consequences be avoided by government deficit spending or by unlimited bailouts, and the problem cannot be papered over by dropping freshly printed money from helicopters flying over Wall Street. The major problems facing the US economy today—a tsunami or debt defaults, structural unemployment, massive government budget deficits, a contraction of the broad money supply outside of the federal government and the financial system, and a lack of sustainable growth—cannot be addressed as long as excess debt levels are maintained. As von Mises clearly understood, sound economic conditions cannot be restored unless and until the excess debt, which resulted from a boom brought about by credit expansion, is purged from the system. The alternative, and the current policy of the United States, is a downward spiral into a bottomless economic abyss.

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