This and That...

[Warph]

[Warph]

Iditarod Musher Survives Harrowing Ordeal – Flown to Hospital – Pups OK!

Posted on March 7, 2014

Anchorage,  Alaska — An Iditarod Trail Sled Dog Race musher was flown to a hospital after a harrowing ordeal that included crashing his sled, hitting his head on a stump and later falling through ice and breaking his ankle.

Scott Janssen, an Anchorage undertaker known as the Mushing Mortician, was back home early Wednesday after getting a cast for the broken bone he suffered on Tin Creek, about 40 miles from Nikolai.

According to Janssen's Facebook site, the ordeal started Tuesday when he crashed his sled between the Rohn and Nikolai checkpoints, hitting his head. He lay unconscious for more than two hours and awoke to find his dogs huddled next to him.

After caring for his canines, Janssen fixed his sled and continued on the trail.

But one of his dogs, Hooper, then got loose from the line and took off.

Janssen anchored his sled and tried to catch the animal. But he fell through the ice shortly before Hooper returned to him.

[Warph]

Malaysia Flight 370 Missing With 239 Total Passengers (13 Nationalities) "Lost Presumed Crashed" – Boeing 777

Posted on March 7, 2014

VERY unusual situation.   Catastrophic loss of flight with no distress call is highly troubling. Possible explosion...

(CNN) — A passenger flight carrying 239 people from Kuala Lumpur to Beijing is missing and would likely have run out of fuel, Malaysia Airlines said Saturday.

"At the moment we have no idea where this aircraft is right now," Malaysia Airlines Vice President of Operations Control Fuad Sharuji said on CNN's "AC360."

Subang Air Traffic Control lost contact with Flight MH370 at about 2:40 a.m. local time (1:40 p.m. ET Friday), Sharuji said.

"We tried to call this aircraft through various means," he said.

The Boeing 777-200 departed Kuala Lumpur International Airport at 12:41 a.m. and was expected to land in Beijing at 6:30 a.m., a 2,300-mile (3,700 kilometer) trip. It was carrying 227 passengers, two of them infants, and 12 crew members, the airline said.
At the time of its disappearance, the plane was carrying about 7.5 hours of fuel, Sharuji said.

"Malaysia Airlines is currently working with the authorities who have activated their Search and Rescue team to locate the aircraft," the statement said. The public can call +603 7884 1234 for further information.

Efforts to contact the plane were fruitless.

The airline said in a statement that its representatives were contacting the relatives of those aboard. "Focus of the airline is to work with the emergency responders and authorities and mobilize its full support," it said.

"We're closely monitoring reports on Malaysia flight MH370," Boeing said in a tweet. "Our thoughts are with everyone on board."

"It doesn't sound very good," retired American Airlines Capt. Jim Tilmon told CNN's "AC360." He noted that the route is mostly overland, which means that there would be plenty of antennae, radar and radios to contact the plane.

"I've been trying to come up with every scenario that I could just to explain this away, but I haven't been very successful."

He said the plane is "about as sophisticated as any commercial airplane could possibly be," with an excellent safety record.

There is one recent blemish: An Asiana Airlines Boeing 777 carrying 291 passengers struck a seawall at San Francisco International Airport in July 2013, killing three people and wounding dozens more.

Malaysia Airlines operates in Southeast Asia, East Asia, South Asia, the Middle East and on the route between Europe and Australasia.

The airline's roots date back to 1937, when it operated passenger and cargo flights in Malaysia.

[Warph]

Is Obama Following Stalin's Great Purge of Military Officers?

by Richard Anthony

http://freedomoutpost.com/2014/03/obama-following-stalins-great-purge-of-military-officers/

In my previous article titled "A Storm is brewing on the horizon, A Storm is Brewing on the Horizon – Will Obama Declare Martial Law Before 2016? " ...
http://freedomoutpost.com/2014/03/storm-brewing-horizon-will-obama-declare-martial-law-2016/ ...

... I mentioned that Obama was actively purging the military of loyalist officers. Now why would he do that? The reason coming from Washington D.C. is they are downsizing the military and wish to bring it down to Pre-WWII levels. However, I have a different take - These individuals are all loyal to the country and are NOT beholding to the president. 

Stalin's purge, according to Wikipedia, for example, says: http://en.wikipedia.org/wiki/Great_Purge

"The Great Purge was a campaign of political repression in the Soviet Union orchestrated by Joseph Stalin from 1934 to 1939. It involved a large-scale purge of the Communist Party and government officials, repression of peasants and the Red Army leadership, and widespread police surveillance, suspicion of "saboteurs", imprisonment, and arbitrary executions. In Russian historiography, the period of the most intense purge, 1937–1938, is called Yezhovshchina (Russian: Eжовщина; literally, the Yezhov regime), after Nikolai Yezhov, the head of the Soviet secret police, NKVD."


While Obama has yet to imprison or execute anyone, he is actively purging our military, and with the help of the NSA is spying on the civilian population. Also different government agencies are soliciting for and actively soliciting large amounts of ammunition, tactical military gear and vehicles. Let's forget (for the sake of argument) about the many FEMA camps being outfitted in the U.S. It doesn't take a truck to fall on one, to see that something big is in the works.

Here is the list of those officers.

Commanding Generals fired:

■General John R. Allen-U.S. Marines Commander International Security Assistance Force [ISAF] (Nov 2012)
■Major General Ralph Baker (2 Star)-U.S. Army Commander of the Combined Joint Task Force Horn in Africa (April 2013)
■Major General Michael Carey (2 Star)-U.S. Air Force Commander of the 20th US Air Force in charge of 9,600 people and 450 Intercontinental Ballistic Missiles (Oct 2013)
■Colonel James Christmas-U.S. Marines Commander 22nd Marine Expeditionary Unit & Commander Special-Purpose Marine Air-Ground Task Force Crisis Response Unit (July 2013)
■Major General Peter Fuller-U.S. Army Commander in Afghanistan (May 2011)
■Major General Charles M.M. Gurganus-U.S. Marine Corps Regional Commander of SW and I Marine Expeditionary Force in Afghanistan (Oct 2013)
■General Carter F. Ham-U.S. Army African Command (Oct 2013)

■Lieutenant General David H. Huntoon (3 Star), Jr.-U.S. Army 58th Superintendent of the US Military Academy at West Point, NY (2013)
■Command Sergeant Major Don B Jordan-U.S. Army 143rd Expeditionary Sustainment Command (suspended Oct 2013)
■General James Mattis-U.S. Marines Chief of CentCom (May 2013)
■Colonel Daren Margolin-U.S. Marine in charge of Quantico's Security Battalion (Oct 2013)
■General Stanley McChrystal-U.S. Army Commander Afghanistan (June 2010)
■General David D. McKiernan-U.S. Army Commander Afghanistan (2009)
■General David Petraeus-Director of CIA from September 2011 to November 2012 & U.S. Army Commander International Security Assistance Force [ISAF] and Commander U.S. Forces Afghanistan [USFOR-A] (Nov 2012)
■Brigadier General Bryan Roberts-U.S. Army Commander 2nd Brigade (May 2013)
■Major General Gregg A. Sturdevant-U.S. Marine Corps Director of Strategic Planning and Policy for the U.S. Pacific Command & Commander of Aviation Wing at Camp Bastion, Afghanistan (Sept 2013)
■Colonel Eric Tilley-U.S. Army Commander of Garrison Japan (Nov 2013)
■Brigadier General Bryan Wampler-U.S. Army Commanding General of 143rd Expeditionary Sustainment Command of the 1st Theater Sustainment Command [TSC] (suspended Oct 2013)

Commanding Admirals fired:

■Rear Admiral Charles Gaouette-U.S. Navy Commander John C. Stennis Carrier Strike Group Three (Oct 2012)
■Vice Admiral Tim Giardina(3 Star, demoted to 2 Star)-U.S. Navy Deputy Commander of the US Strategic Command, Commander of the Submarine Group Trident, Submarine Group 9 and Submarine Group 10 (Oct 2013)

Naval Officers fired: (All in 2011)

■Captain David Geisler-U.S. Navy Commander Task Force 53 in Bahrain (Oct 2011)
■Commander Laredo Bell-U.S. Navy Commander Naval Support Activity Saratoga Springs, NY (Aug 2011)
■Lieutenant Commander Kurt Boenisch-Executive Officer amphibious transport dock Ponce (Apr 2011)
■Commander Nathan Borchers-U.S. Navy Commander destroyer Stout (Mar 2011)
■Commander Robert Brown-U.S. Navy Commander Beachmaster Unit 2 Fort Story, VA (Aug 2011)
■Commander Andrew Crowe-Executive Officer Navy Region Center Singapore (Apr 2011)
■Captain Robert Gamberg-Executive Officer carrier Dwight D. Eisenhower (Jun 2011)
■Captain Rex Guinn-U.S. Navy Commander Navy Legal Service office Japan (Feb 2011)
■Commander Kevin Harms- U.S. Navy Commander Strike Fighter Squadron 137 aboard the aircraft carrier Abraham Lincoln (Mar 2011)
■Lieutenant Commander Martin Holguin-U.S. Navy Commander mine countermeasures Fearless (Oct 2011)
■Captain Owen Honors-U.S. Navy Commander aircraft carrier USS Enterprise (Jan 2011)
■Captain Donald Hornbeck-U.S. Navy Commander Destroyer Squadron 1 San Diego (Apr 2011)
■Rear Admiral Ron Horton-U.S. Navy Commander Logistics Group, Western Pacific (Mar 2011)
■Commander Etta Jones-U.S. Navy Commander amphibious transport dock Ponce (Apr 2011)
■Commander Ralph Jones-Executive Officer amphibious transport dock Green Bay (Jul 2011)
■Commander Jonathan Jackson-U.S. Navy Commander Electronic Attack Squadron 134, deployed aboard carrier Carl Vinson (Dec 2011)
■Captain Eric Merrill-U.S. Navy Commander submarine Emory S. Land (Jul 2011)
■Captain William Mosk-U.S. Navy Commander Naval Station Rota, U.S. Navy Commander Naval Activities Spain (Apr 2011)
■Commander Timothy Murphy-U.S. Navy Commander Electronic Attack Squadron 129 at Naval Air Station Whidbey Island, WA (Apr 2011)
■Commander Joseph Nosse-U.S. Navy Commander ballistic-missile submarine Kentucky (Oct 2011)
■Commander Mark Olson-U.S. Navy Commander destroyer The Sullivans FL (Sep 2011)
■Commander John Pethel-Executive Officer amphibious transport dock New York (Dec 2011)
■Commander Karl Pugh-U.S. Navy Commander Electronic Attack Squadron 141 Whidbey Island, WA (Jul 2011)
■Commander Jason Strength-U.S. Navy Commander of Navy Recruiting District Nashville, TN (Jul 2011)
■Captain Greg Thomas-U.S. Navy Commander Norfolk Naval Shipyard (May 2011)
■Commander Mike Varney-U.S. Navy Commander attack submarine Connecticut (Jun 2011)
■Commander Jay Wylie-U.S. Navy Commander destroyer Momsen (Apr 2011)

Naval Officers fired: (All in 2012):

■Commander Alan C. Aber-Executive Officer Helicopter Maritime Strike Squadron 71 (July 2012)
■Commander Derick Armstrong- U.S. Navy Commander missile destroyer USS The Sullivans (May 2012)
■Commander Martin Arriola- U.S. Navy Commander destroyer USS Porter (Aug 2012)
■Captain Antonio Cardoso- U.S. Navy Commander Training Support Center San Diego (Sep 2012)
■Captain James CoBell- U.S. Navy Commander Oceana Naval Air Station's Fleet Readiness Center Mid-Atlantic (Sep 2012)
■Captain Joseph E. Darlak- U.S. Navy Commander frigate USS Vandegrift (Nov 2012)
■Captain Daniel Dusek-U.S. Navy Commander USS Bonhomme
■Commander David Faught-Executive Officer destroyer Chung-Hoon (Sep 2012)
■Commander Franklin Fernandez- U.S. Navy Commander Naval Mobile Construction Battalion 24 (Aug 2012)
■Commander Ray Hartman- U.S. Navy Commander Amphibious dock-landing ship Fort McHenry (Nov 2012)
■Commander Shelly Hakspiel-Executive Officer Navy Drug Screening Lab San Diego (May 2012)
■Commander Jon Haydel- U.S. Navy Commander USS San Diego (Mar 2012)
■Commander Diego Hernandez- U.S. Navy Commander ballistic-missile submarine USS Wyoming (Feb 2012)
■Commander Lee Hoey- U.S. Navy Commander Drug Screening Laboratory, San Diego (May 2012)
■Commander Ivan Jimenez-Executive Officer frigate Vandegrift (Nov 2012)
■Commander Dennis Klein- U.S. Navy Commander submarine USS Columbia (May 2012)
■Captain Chuck Litchfield- U.S. Navy Commander assault ship USS Essex (Jun 2012)
■Captain Marcia Kim Lyons- U.S. Navy Commander Naval Health Clinic New England (Apr 2012)
■Captain Robert Marin- U.S. Navy Commander cruiser USS Cowpens (Feb 2012)
■Captain Sean McDonell- U.S. Navy Commander Seabee reserve unit Naval Mobile Construction Battalion 14 FL (Nov 2012)
■Commander Corrine Parker- U.S. Navy Commander Fleet Logistics Support Squadron 1 (Apr 2012)
■Captain Liza Raimondo- U.S. Navy Commander Naval Health Clinic Patuxent River, MD (Jun 2012)
■Captain Jeffrey Riedel- Program manager, Littoral Combat Ship program (Jan 2012)
■Commander Sara Santoski- U.S. Navy Commander Helicopter Mine Countermeasures Squadron 15 (Sep 2012)
■Commander Kyle G. Strudthoff-Executive Officer Helicopter Sea Combat Squadron 25 (Sep 2012)
■Commander Sheryl Tannahill- U.S. Navy Commander Navy Operational Support Center [NOSC] Nashville, TN (Sep 2012)
■Commander Michael Ward- U.S. Navy Commander submarine USS Pittsburgh (Aug 2012)
■Captain Michael Wiegand- U.S. Navy Commander Southwest Regional Maintenance Center (Nov 2012)
■Captain Ted Williams- U.S. Navy Commander amphibious command ship Mount Whitney (Nov 2012)
■Commander Jeffrey Wissel- U.S. Navy Commander of Fleet Air Reconnaissance Squadron 1 (Feb 2012)

Naval Officers fired: (All in 2013):

■Lieutenant Commander Lauren Allen-Executive Officer submarine Jacksonville (Feb 2013)
■Reserve Captain Jay Bowman-U.S. Navy Commander Navy Operational Support Center [NOSC] Fort Dix, NJ (Mar 2013)
■Captain William Cogar-U.S. Navy Commander hospital ship Mercy's medical treatment facility (Sept 2013)
■Commander Steve Fuller-Executive Officer frigate Kauffman (Mar 2013)
■Captain Shawn Hendricks-Program Manager for naval enterprise IT networks (June 2013)
■Captain David Hunter-U.S. Navy Commander of Maritime Expeditionary Security Squadron 12 & Coastal Riverine Group 2 (Feb 2013)
■Captain Eric Johnson-U.S. Navy Chief of Military Entrance Processing Command at Great Lakes Naval Training Center, IL (2013)
■Captain Devon Jones-U.S. Navy Commander Naval Air Facility El Centro, CA (July 2013)
■Captain Kevin Knoop-U.S. Navy Commander hospital ship Comfort's medical treatment facility (Aug 2013)
■Lieutenant Commander Jack O'Neill-U.S. Navy Commander Operational Support Center Rock Island, IL (Mar 2013)
■Commander Allen Maestas-Executive Officer Beachmaster Unit 1 (May 2013)
■Commander Luis Molina-U.S. Navy Commander submarine Pasadena (Jan 2013)
■Commander James Pickens-Executive Officer frigate Gary (Feb 2013)
■Lieutenant Commander Mark Rice-U.S. Navy Commander Mine Countermeasures ship Guardian (Apr 2013)
■Commander Michael Runkle-U.S. Navy Commander of Mobile Diving and Salvage Unit 2 (May 2013)
■Commander Jason Stapleton-Executive Office Patrol Squadron 4 in Hawaii (Mar 2013)
■Commander Nathan Sukols-U.S. Navy Commander submarine Jacksonville (Feb 2013)
■Lieutenant Daniel Tyler-Executive Officer Mine Countermeasures ship Guardian (Apr 2013)
■Commander Edward White-U.S. Navy Commander Strike Fighter Squadron 106 (Aug 2013)
■Captain Jeffrey Winter-U.S. Navy Commander of Carrier Air Wing 17 (Sept 2013)
■Commander Thomas Winter-U.S. Navy Commander submarine Montpelier (Jan 2013)
■Commander Corey Wofford- U.S. Navy Commander frigate Kauffman (Feb 2013)

Like I said in my previous paragraph above, let's forget about the FEMA camps being outfitted within the borders of the United States. This purge of so many high ranking officers should, if not alarm you, then at the very least, it should raise some eyebrows. We all know that Obama has all but disregarded the Constitution that he took an oath to uphold and defend. With his many executive "fixes" on the Affordable Care Act, he has violated that oath many times over. Obama, like any good card shark, is stacking the deck in his favor. We still have troops in the field, so why get rid of so many officers?

You can't have the answer to the equation without all the variables. But even so, between these purges, with the bulking-up of the Department of Homeland Security, the NSA actively spying on American civilians and many democrat controlled states actively attempting gun control and even gun confiscation of law abiding citizens through legislation... what other conclusion CAN you come up with ?

In the comments section of my last article one reader wrote this:

"There seems to be some confusion about the validity to the 'list,' some have even said it's all just urban legend. Here is one of the places where it came from: http://www.altnews.info/192/fe... . I don't believe that some 'nut' just decided to write down names and locations for a prank. Think for just a moment about all of the tax dollars that have just simply disappeared down in to a black hole of UN-accountability for the last 5 years. Then wonder why agencies like the IRS and Social Security Administration have solicited for ammunition, they don't need ammo right? It is true that the majority of Executive Orders have been in place for over 5 decades and yes GW Bush put the Patriot Act in to place. It still does not answer the question about many things that Obama is doing right now. The last two articles on this subject by the author are an assumption on his part, you all have to draw your own conclusions. One thing is abundantly clear though and that is there is ZERO accountability on President Obama and his entire administration NONE. His entire tenure as president is filled with corruption on a scale that we have not seen since the Nixon era. In fact, Obama makes Nixon look like a choirboy in comparison.

The consensus within the military and veterans is Obama has tasted power and will not give it up. We further believe he has been moving HUGE sums of money from failed programs into setting-up a hostile takeover. But you believe what you want. The author is giving you a possible explanation of what MIGHT happen, you need to draw your own conclusions. But if you think such a thing could never happen in America, then you'd be DEAD wrong."[/i]

There were other comments that weren't so nice, but it seems that this reader, at least, understands what message I am attempting to get across to you.

So, is all this just my imagination?

You decide.

[Warph]

The happiest & unhappiest states in the union

Gallup has compiled various statistics about "well-being" (health, work, emotional satisfaction, etc.) and has come up with a ranking of  states according to how happy they are.  The most happy states, according to this study, are North Dakota and South Dakota.  The least happy is West Virginia.  In general, the happiest states are those of the upper midwest, and the least happy are those of the deep south.

Now I grant that such studies are very limited and that happiness is not all it's cracked up to be.  But let's use this as an occasion to discuss regional differences.

How would you account for the differences?  Some preliminary observations and questions: 

*The least happy states are poorer than normal, though the wealthiest states are not necessarily the happiest. 

*Is there something about rural economies, wide-open spaces, and/or natural beauty (especially mountains) that correlate to happiness? 

*What about the religious differences  (Lutheran strongholds vs. Baptist strongholds)? 

What else?  And maybe someone who lives there can tell us what's so great about the Dakotas. (Oil maybe?)

From Gallup (go to the site for details and the rankings of other states).
http://www.gallup.com/poll/167435/north-dakota-well-being-west-virginia-still-last.aspx

[Ross]

https://www.facebook.com/TermLimitsforUSCongress

The Constitution of the United States

* * * * * * * * * *

Article V

The Congress, whenever two thirds of both houses shall deem it necessary, shall propose amendments to this Constitution, or, on the application of the legislatures of two thirds of the several states, shall call a convention for proposing amendments, which, in either case, shall be valid to all intents and purposes, as part of this Constitution, when ratified by the legislatures of three fourths of the several states, or by conventions in three fourths thereof, as the one or the other mode of ratification may be proposed by the Congress; provided that no amendment which may be made prior to the year one thousand eight hundred and eight shall in any manner affect the first and fourth clauses in the ninth section of the first article; and that no state, without its consent, shall be deprived of its equal suffrage in the Senate.
http://www.archives.gov/federal-register/constitution/article-v.html

[W. Gray]

Wishful thinking as the proposed method has never been used to amend the Constitution. Of course, there is always a first time, but even with Congressional blessing, some states have been reluctant to provide approval for Constitutional amendments.

EQUAL RIGHTS AMENDMENT
Proposal approved by Congress in 1923.
The amendment would guarantee equal rights for women.
In 1972, the proposal was passed in Congress and went to the state legislatures for ratification.
Failed to receive enough state ratifications before the June 30, 1982, deadline mandated by Congress. This particular proposed amendment can never be adopted to be part of the constitution.

TITLES OF NOBILITY AMENDMENT
Proposal approved by Congress in 1810.
It would strip United States citizenship from any citizen who accepted a title of nobility from a foreign country.
The proposal has not received three fourths states approval but can be adopted if enough states yet provide their approval.

DISTRICT OF COLUMBIA VOTING RIGHTS AMENDMENT
Proposal approved by Congress in 1978.
It would grant the District of Columbia full representation in Congress, in the Electoral College, and full participation in amending the Constitution.
The proposal did not receive three fourths state approvals by 1985 and cannot be adopted as a Constitutional amendment.   

CORWIN AMENDMENT
Proposal approved by Congress in 1861.
Meant to get the seceding states back into the Union and get the slave border states not to jump ship.
The proposal has not received three fourths state approvals but is still alive.

CHILD LABOR AMENDMENT
Proposal approved by Congress in 1924.
It would regulate the labor of people less than eighteen years of age.
Has not been approved by three fourths of the states and is still alive.

CONGRESSIONAL APPORTIONMENT AMENDMENT
Proposal approved by Congress in 1789.
It was an attempt by Congress to regulate the number of members of the House of Representatives.
Has never been ratified by three fourths of the states but is still alive.

[Ross]

Thanks W. Gray

Good information but a bot disheartening.

[Warph]

We Are In FAR Worse Shape Than We Were Just Prior To The Last Great Financial Crisis

By Michael Snyder, on March 10th, 2014

http://theeconomiccollapseblog.com/archives/we-are-in-far-worse-shape-than-we-were-just-prior-to-the-last-great-financial-crisis

None of the problems that caused the last financial crisis have been fixed.  In fact, they have all gotten worse.  The total amount of debt in the world has grown by more than 40 percent since 2007, the too big to fail banks have gotten 37 percent larger, and the colossal derivatives bubble has spiraled so far out of control that the only thing left to do is to watch the spectacular crash landing that is inevitably coming.  Unfortunately, most people do not know the information that I am about to share with you in this article.  Most people just assume that the politicians and the central banks have fixed the issues that caused the last great financial crisis.  But the truth is that we are in far worse shape than we were back then.  When this financial bubble finally bursts, the devastation that we will witness is likely to be absolutely catastrophic.

Too Much Debt
One of the biggest financial problems that the world is facing is that there is simply way too much debt.  Never before in world history has there ever been a debt binge anything like this.

You would have thought that we would have learned our lesson from 2008 and would have started to reduce debt levels.

Instead, we pushed the accelerator to the floor.

It is hard to believe that this could possibly be true, but according to the Bank for International Settlements the total amount of debt in the world has increased by more than 40 percent since 2007...
The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.'s gross domestic product.
That is a recipe for utter disaster, and yet we can't seem to help ourselves.

And of course the U.S. government is the largest offender.

Back in September 2008, the U.S. national debt was sitting at a total of 10.02 trillion dollars.

As I write this, it is now sitting at a total of 17.49 trillion dollars.

Is there anyone out there that can possibly conceive of a way that this ends other than badly?



Too Big To Fail Is Now Bigger Than Ever
During the last great financial crisis we were also told that one of our biggest problems was the fact that we had banks that were "too big to fail".

Well, guess what?

Those banks are now much larger than they were back then.  In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger since the last financial crisis.

Meanwhile, 1,400 smaller banks have gone out of business during that time frame, and only one new bank has been started in the United States in the last three years.

So the problem of "too big to fail" is now much worse than it was back in 2008.

The following are some more statistics about our "too big to fail" problem that come from a previous article...
-The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and all of the other banks account for only 33 percent of those assets.

-Approximately 1,400 smaller banks have disappeared over the past five years.

-JPMorgan Chase is roughly the size of the entire British economy.

-The four largest banks have more than a million employees combined.

-The five largest banks account for 42 percent of all loans in the United States.

-Bank of America accounts for about a third of all business loans all by itself.

-Wells Fargo accounts for about one quarter of all mortgage loans all by itself.

-About 12 percent of all cash in the United States is held in the vaults of JPMorgan Chase.


The Derivatives Bubble
Most people simply do not understand that over the past couple of decades Wall Street has been transformed into the largest and wildest casino on the entire planet.

Nobody knows for sure how large the global derivatives bubble is at this point, because derivatives trading is lightly regulated compared to other types of trading.  But everyone agrees that it is absolutely massive.  Estimates range from $600 trillion to $1.5 quadrillion.

And what we do know is that four of the too big to fail banks each have total exposure to derivatives that is in excess of $40 trillion.

The numbers posted below may look similar to numbers that I have included in articles in the past, but for this article I have updated them with the very latest numbers from the U.S. government.  Since the last time that I wrote about this, these numbers have gotten even worse...


JPMorgan Chase
Total Assets: $1,989,875,000,000 (nearly 2 trillion dollars)
Total Exposure To Derivatives: $71,810,058,000,000 (more than 71 trillion dollars)


Citibank
Total Assets: $1,344,751,000,000 (a bit more than 1.3 trillion dollars)
Total Exposure To Derivatives: $62,963,116,000,000 (more than 62 trillion dollars)


Bank Of America
Total Assets: $1,438,859,000,000 (a bit more than 1.4 trillion dollars)
Total Exposure To Derivatives: $41,386,713,000,000 (more than 41 trillion dollars)


Goldman Sachs
Total Assets: $111,117,000,000 (just a shade over 111 billion dollars – yes, you read that correctly)
Total Exposure To Derivatives: $47,467,154,000,000 (more than 47 trillion dollars)

During the coming derivatives crisis, several of those banks could fail simultaneously.

If that happened, it would be an understatement to say that we would be facing an "economic collapse".

Credit would totally freeze up, nobody would be able to get loans, and economic activity would grind to a standstill.

It is absolutely inexcusable how reckless these big banks have been.

Just look at those numbers for Goldman Sachs again.
Goldman Sachs has total assets worth approximately 111 billion dollars (billion with a little "b"), but they have more than 47 trillion dollars of total exposure to derivatives.
That means that the total exposure that Goldman Sachs has to derivatives contracts is more than 427 times greater than their total assets.

I don't know why more people aren't writing about this.

This is utter insanity.

During the next great financial crisis, it is very likely that the rest of the planet is going to lose faith in the current global financial system that is based on the U.S. dollar and on U.S. debt.

When that day arrives, and the U.S. dollar loses reserve currency status, the shift in our standard of living is going to be dramatic.  Just consider what Marin Katusa of Casey Research had to say the other day...

It will be shocking for the average American... if the petro dollar dies and the U.S. loses its reserve currency status in the world there will be no middle class.
The middle class and the low class... wow... what a game changer. Your cost of living will quadruple.
The debt-fueled prosperity that we are enjoying now will not last forever.  A day of reckoning is fast approaching, and most Americans will not be able to handle the very difficult adjustments that they will be forced to make.  Here is some more from Marin Katusa...
Imagine this... take a country like Croatia... the average worker with a university degree makes about 1200 Euros a month. He spends a third of that, after tax, on keeping his house warm and filling up his gas tank to get to work and get back from work.

In North America, we don't make $1200 a month, and we don't spend a third of our paycheck on keeping our house warm and driving to work... so, the cost of living... food will triple... heat, electricity, everything subsidized by the government will triple overnight... and it will only get worse even if you can get the services.
All of this could have been prevented if we had done things the right way.
Unfortunately, we didn't learn any of the lessons that we should have learned from the last financial crisis, and our politicians and the central banks have just continued to do the same things that they have always done.

So now we all get to pay the price.

[Warph]