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America

Melvin Dummar says a grand conspiracy has denied him his portion of billionaire Howard Hughes' vast estate. Many consider Dummar to be a fraud but an in-depth investigation by Gary Magnesen has apparently shown Dummar to be a good samaritan who saved Hughes from certain death. Both joined George Knapp to discuss why Hughes was in the desert, as well as those who schemed to deny Dummar and several institutions of their rightful share of the Hughes estate. In the first hour, veteran music journalist Joel Selvin talked about the notorious Rolling Stones Altamont concert of 1969, considered by many to be rock’s darkest day.

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America's Economic Crisis

Show Archive
Date: Wednesday - January 2, 2008
Host: Rollye James
Guests: Michael Shedlock, Andre Eggelletion, Joe Meyer, Catherine Austin Fitts

In a 4-hour special on America's economic problems, Rollye James spoke separately with four financial experts. First up was author and radio host Andre Eggelletion who discussed problems with the Federal Reserve and its historical background. The Fed has lost some of its ability to control the money supply, and Alan Greenspan (former Chairman of the Reserve Board) left a record foreign deficit, he noted. The eroding dollar may only be around for another four years, before it's replaced by another currency, said Eggelletion, who added that the value of homes will continue to fall for another 3 to 4 years.

Financial analyst Mish Shedlock said the US will be faced with deflation-- a cycle where credit and money are shrunk back. Japan, he noted, had deflation for 18 years, in which land prices fell for 18 consecutive years. The signs include rising credit card defaults, as well as a cascade of companies unable to pay each other. The global imbalances are stunning, Shedlock declared, and he noted that it's not just a US problem-- the overvalued pound and euro will also take a hit. Looking ahead, he foresees sub par returns on the stock market.

Financial consultant Joe Meyer sees tremendous opportunities in the precious metals, energy and commodities markets, though there could be periods of volatility for them. The key right now is to preserve wealth rather than being too speculative, he offered. Sellers are in denial right now about the drop in real estate values and aren't lowering their prices yet, said Meyer. The Dow is going to return to its 2000 level at around 7200, he predicted.

Investment advisor Catherine Austin Fitts said that America's "strong dollar policy" moved significant capital out of the US and now foreign investors are in a position to buy up control of the country at below market prices. She suggested people organize locally, and shift money out of large corporations and government agencies.

Bumper Music

Bumper music from Wednesday January 02, 2008

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