May 28, 2004
-- The Federal Reserve raises the Money Supply (M-3) by
unprecedented, almost crisis proportions, up another $46.8
billion in one week, bringing the total over the month of May
to $155 billion. This equates to a $2.0 trillion
annualized pace, a 22.2 percent annualized rate of growth.
These numbers are huge.
May 5, 2006 -- In possibly the first casualty of the
looming subprime crisis, Kirkland, Washington based Merit
Financial Inc. files for bankruptcy and closes its doors,
firing all but 80 of its 410 employees; Meritís marketplace
decline about 40% and sales are not bringing in enough
revenue to support overhead
May 17, 2007 --
Federal Reserve Chairman Ben Bernanke said growing
number of mortgage defaults will not seriously harm the U.S.
June 2007 --
Concerns grow on Wall Street as two
hedge funds of the New York investment bank Bear Stearns
move toward collapse due to Bear Sterns' extensive
investments in mortgage-backed securities.
1-24, 2007 -- Swiss
bank UBS announces
losses linked to U.S.
reports losses of $5.5
$6.5 billion third
Merrill Lynch announces
losses to be over $8
September 7, 2008 --
Government takes control of the mortgage giants,
putting the liability of more than $5 trillion of mortgages
onto the backs of U.S. taxpayers.
September 15, 2008 --
Lehman Brothers files for bankruptcy. This
is the largest bankruptcy filing in the history of the U.S.,
at almost $650 billion. After a weekend of negotiations,
potential buyers such as Bank of America and Barclays walk
away from the negotiating table and Lehman is left with no
September 16, 2008 --
The U.S. government bails out AIG with an $85 billion loan.
Feds say a failure of the company could be
devastating to the financial markets as well as the economy.
This is in exchange for a nearly 80% equity stake in the
September 29, 2008 --
Dow Falls 777.68 Points. This is the largest one-day
point drop in history.
Hundreds of billions of dollars effectively evaporate from
the retirement accounts of the U.S. population in a single
day. The index sees its largest one-day point loss
ever after the House votes down the rescue plan. The S&P 500
has its largest point drop ever and second-largest
percentage drop in history.
October 3, 2008 --
U.S. Congress passes $700 billion bail-out (now
being referred to as the "first round" of bail-outs).
President Bush signs the bail-out into law.
December 23, 2008 --
New homes sold at an annualized pace of 407,000
units in November, the weakest showing in almost 18 years
and further evidence that the housing market is still in
December 30, 2008 --
U.S. home prices fell by 2.2% from September to
October and prices are off by 18% over the previous 12
months, according to Standard & Poor's/Case-Shiller housing
price index that tracks existing home sales in 20 major
2009 and beyond -- ????
2009 is predicted to be a year of contraction in the global
economy. Let us hope that the predictions of many
well-meaning individuals who have been sounding the alarm
bells for decades, such as Peter Schiff and Jim Rogers, do
not come to fruition.
Act I |
Act II |
Act III |
Act IV |
World War 3 Statistics
For a detailed look
at WW3 statistics, including the running cost of World War
Three, the number of lives lost and the countries involved
in World War Three, please see our
World War Overview.
Further details will be added as events dictate.
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