Posted: May 24, 201010:44 pm Eastern
Â© 2010 WorldNetDaily
Alarm bells are going off over the developing economic crisis in the European Union and the growing concern it will hit the United States despite assurances from the White House that the economy is rebounding and there's little danger of a rebound across the Atlantic.
The authors of the new book "Killing Wealth, Freeing Wealth: How to Save America's Economy and Your Own" say the idea that America's economic "recovery" is on course isn't within the bounds of reality.
"Don't believe a word of it. The liquidity crisis (a shortage of cash) is headed across the pond for America. Don't believe me. Look at the numbers. The crisis is already here," said author Floyd Brown.
In an interview with WND, Brown explained, "If corporations cannot get cash, they cut back. When they cut back unemployment increases. When unemployment increases cars, boats and homes don't sell. Cars, homes and boats sold last year are repossessed and foreclosed. The acceleration of the crisis has been undeniable. Companies have only been able to sell $47 billion of debt so far in May, this compares to $183 billion in April. This is the weakest month since December 1999."
Co-author Lee Troxler continued, "Investors are demanding extra yield to hold corporate debt rather than government bonds. This has led to a dramatic and the surprise strengthening of U.S. Treasuries as investors search in vain for safety. But they are soon to realize there is no safety."
Brown added, "Investors are beginning to realize that the European leaders making tough budget cuts have no credibility, the budget cuts will likely never be large enough to keep Greece and others from defaulting. Even the bailout package that was announced with dramatic flourish is now stalled in several EU member parliaments."
The authors said the public executive and legislative "whipping" of the nation's banks â€“ on top of the EU debt crisis â€“ reveals a further level of trauma for the economy.
Bloomberg is quoting William Cunningham, head of credit strategies and fixed-income research at Boston-based State Street Corp.'s investment unit, as saying, "This is a quintessential liquidity crisis. It's not inconceivable to imagine a situation where the markets behave so poorly, the liquidity behaves so badly, and risk-tolerance just evaporates that â€“ particularly in Europe â€“ consumers contract, businesses stop hiring and stop investing, and economic activity halts."
Brown and Troxler both began their careers in the Reagan administration and before the 2008 election teamed up to pen the best-selling book "Obama Unmasked: Did Slick Hollywood Handlers Create the Perfect Candidate?" In the book they predicted the stock market crash to within one month and 100 points on the Dow.
Brown and Troxler name the enemies of America's personal wealth in their groundbreaking book, and they give them collectively the name, "Killionaires."
Who are these Killionaires? It may surprise people to find that the majority of Killionaires have liberal and socialist beliefs. King of the Killionaires is George Soros, they declare.
Brown studied economics at the University of Washington under famed economist Paul Heyne and forged his political experience working for President Reagan and Sen. Bob Dole. Now president of the Western Center for Journalism, he has authored "Obama Unmasked: Did Slick Hollywood Handlers Create the Perfect Candidate?" "Say the Right Thing," "Prince Albert: The Life and Lies of Al Gore," and "Slick Willie: Why America Cannot Trust Bill Clinton."
Troxler wrote speeches for Reagan and has authored the books "Obama Unmasked," "Hillary the Movie," "On Native Soil: The Documentary of the 9/11 Commission Report," "FahrenHYPE 9/11: Unraveling the Truth About Fahrenheit 9/11 and Michael Moore," and "Along Wit's Trail: The Humor & Wisdom of Ronald Reagan."
To interview Floyd Brown or Lee Troxler, please e-mail.