On Monday I wrote here about the upcoming bank holiday, which ushers in a new Great Depression. It starts on a Friday after the markets close early due to excessive selling.
By Saturday morning the President is back on the airwaves telling the American people he has requested all governors to call up the National Guard to deploy in cities where rioting and looting took place overnight. Insurance industry estimates — later on — put the losses in the first hours at $2.4 trillion in goods lost and $4.5 trillion in property losses.
What food stores are open for cash-only have shelves emptied by 10 am Saturday. TV news is showing the devastation from the overnight melees in Chicago, Detroit, Brooklyn, The Bronx and central Los Angeles.
Calls go out from Capitol Hill to evoke curfews to help law enforcement deal with the chaos. In the US police staffing is predicated on 99.9% of the population being law abiding, when that number drops to 98% they are overwhelmed. Social scientists — later on — put the number of lawlessness at 35%, meaning only 65% of the population were not engaging in illegal activities.
President Obama addresses the nation again at 2pm, by this time those Americans watching the news were seeing death and destruction on a global scale as riots spread across Europe and eastern Asia. Even Japan and China — culturally much different from the west — are seeing societal breakdowns.
As an aside interestingly, the Arab states have no problems since their societies did not believe in a credit based economy. The oil producers will feel the pain, but it’s not anything they haven’t felt since the middle of 2015 with cratering oil prices, besides now they have cover because of the western infidels crashing the market.
As the President speaks, news footage of water cannons, sound trucks and other US Army anti-riot gear are amassed in and around the White House and Capitol Hill.
In his address he lays out — in simple terms — how the globe got to this point, but does not mention solutions. He says banks and global markets will be closed from the next week as central bankers gather in a secret location to scheme a solution.
(Only with hindsight will we see that the festering balance sheets of the largest bailed out banks from 2009 — Deutsche Bank, Citigroup, HSBC, Societe Generale and others were the cause for this collapse. These and other zombie banks with crippled balance sheets needed to ramp up risk to keep the doors open and ATMs working. Regulators knew the case and turned a blind eye to the activities.)
Obama then plants the seeds for class warfare by telling the American people that the banks in their quest for profits, invested money in very risky investments with plenty of leverage and that these bets went bad forcing the financial calamity we see now. He fails to mention that Washington, London and Beijing were all in on the ruse.
“This is a very dangerous time, because the American people have been betrayed by those who worship the dollar more than life itself,” the President said.
Immediately after that bankers across the country began burning their trading vests and gym bags all with logos from JPMorgan, Goldman Sachs and others.
(We’ll let historians figure out who is to blame financial regulators or the banks themselves.)
Commentators call the president’s remarks revisionist and callous, saying Obama was trying to keep the pitchforks and torches away from the White House.
As Sunday morning broke, talk of a revolution began filling the airwaves, not the online alternative media, but mainstream news programs. The theme of the news cycle were American towns closing to visitors to protect citizens and limited resources.
The modern-day “just in time” delivery system for groceries, meant that many stores did not have but a 2-day supply of food items and since both safety and credit were in short supply the shelves would remain empty for the foreseeable future.
Some of the presidential candidates suspend their campaigns to get back to Washington DC. Donald trump and Hillary Clinton do not since they say this is their job to inform the American people on how they would fix the problem.
The President comes back on TV at noon saying he just came back from church (later discovered to be a lie) and “That I prayed for the American people.” Going on further to say, “My military advisers have suggested — in very strong terms — that I go to Camp David to be protected. I know there is great pain, but will shall overcome and I stand with the American people in their hour of need.”
He then went on to say that all essential needs will be met, which is taken to mean that government credits will be available for food stamps, unemployment benefits and other government handouts. It’s taken as a sign by commentators as a way to quell the civil unrest in the inner cities.
Utilities will continue to provide services to the best of their ability, Obama says. Hospitals, police and fire departments will be staffed with emergency responders.
At 7pm the President appears on “60 Minutes” from Camp David to tell the citizens they should go to work on Monday morning to see what they can do to get society back to the norm.
“I don’t know if your job is still there, but what I do know is, if you don’t show up that business may have to close,” Obama said.
The President continued with the claptrap about what it means to be an American and that we are the beacon yada yada yada.
Unfortunately a majority of Americans didn’t have a job to go to even if they wanted to and the President did not have the nerve to bring up that subject.
America was 48 hours into the “new normal” and patience was wearing thin. Not once has the public heard about a solution or even an inkling or a plan to get things back to normal.
Next what does Monday morning bring.