Frightened Federal Reserve Board Alan Greenspan
Warns President
2nd Great Depression Is Just Days Away

May 28, 2002
Written by: Susan Ambrosino Weekly World News

A shattering stock market crash, equal to the one that triggered the Great Depression and devastated the country for years, is set to strike America by the First of July! And the situation is so dire, say White House sources, that President George Bush "literally shook like a lead" -and then, a little later, "wiped tears from his eyes" --when Federal Reserve Board Chairman Alan Greenspan and other trusted financial advisors gathered in the Oval Office, warning him to prepare for:

• A stock market collapse that will bankrupt tens of thousands of investors and businesses and throw millions out of work --in the span of a few hours.
  
• Unemployment topping 30 percent by the Fourth of July and 40 percent by Labor Day.
  
• Millions being forced from their foreclosed homes and trailers by September.
  
• Unchecked violence civil unrest and martial law as have-nots rise up in anger --and desperation against Fortune 500 fat cats and other rich people who manage to hold on to their wealth despite the collapse.
  
• Widespread starvation barely held in check by government soup kitchens and charitable handouts.
  
• Pay cuts of 50 to 75 percent for working Americans as companies struggle to maintain profits and executive salaries while surviving the downturn.
  
• Rampant disease and epidemics fueled by unsanitary living conditions and lack of medical care in makeshift camps and shanty towns packed girth with the homeless and destitute.
  
• The rise of the radical political parties on the left and the right with communist and fascists both promising economic salvation and battling for power in local and national arenas.
  
• The emergencies of a massive, crime-based underground economy as normally law-abiding middle-class citizens turn to drug-dealing, prostitution and even kidnapping and murder to support themselves and their families.
  
• The devastation of Social Security and Medicare, which will leave the elderly struggling to survive. Both funds will be overtaxed to the max by the economic collapse and the massive layoffs will slash the incoming revenue that is used to pay current benefits.
  
• College students , millions of them will be booted from classes because they can no longer pay for books and tuition. Also, federal student loans funds will dry up. Teenagers will go on a massive crime rampage to get money for luxuries they can no longer afford CDs, albums, designer jeans, junk food and drugs.
  
• Wave of emigrants --including those from families who have lived in the United States for generations --leaving the country in search of jobs and new lives in foreign lands.
  
• The repossession of an estimated 100 million cars, light trucks and SUVs that ordinary Americans have overextended themselves to buy and will no longer be able to pay for.
  
• So many bank failures not even the FDIC will be able to cover the losses, leaving people with checking and savings accounts dead broke --and powerless to do anything about it.
  
• And that's not all. According to former presidential advisor and economist G. William Brandermann, a financially weak and reeling America "will face serious new pressure from enemies in the Middle East, where Iraq and Iran are already threatened to slash oil production in order to create shortages and drive up the price of crude."
  

And we'll be more prone than ever, he warned, "to attacks by terrorists who'll almost certainly seize the opportunity to compound America's financial misery and do what Osama Bin Laden and hi evil cronies failed to do in new York and Washington on 9-11 --deliver the knock-out punch that will lay democracy to waste once and for all."

"We've heard warnings bout a Second Great Depression in the past, but this time it's not a matter of "if" the bubble is going to burst, it's a matter of "when" the bubble is going to burst --and the fact is we've got just weeks to prepare for the most devastating economic downturn in history." Declares Braindermann, who has close ties to the Bush White House and charges that "the major medial are vastly under-reporting this dire and ominous threat" to our way of life.
"President Bush and Fed Chairman Alan Greenspan have been trying to put a good "spin" on the economy," he adds, "saying we're pulling out a 'recession' even as thousands of workers continue to be given pink slips.
"But they know the truth, and from what my sources tell me, Mr. Bush --who apparently shook like a leaf when Greenspan briefed him and then wiped tears from his eyes when every thing sank in and realized just how bad off we really are --will address the country when the time is right, probably within two weeks.

This is a delicate and terrifying situation. The President needs to tell Americans what's happening, but he can't risk jumping the gun and sparking a public panic. The last thing we need is a run on the banks and citizens going wild in the streets. And if you don't think that can happen, you aren't familiar with the first great depression.
Stock brokers and businessmen and even ordinary people behaved in ways that nobody could have predicted.

They jumped out of buildings, for God Sakes --and they stole from their neighbors, their friends and even their own Mothers just to keep a little food in their bellies. I don't want to be an alarmist, "he continued, but quite frankly, I see worse than that happening now."

This is a different world than the one our parents and grandparents lived in. It's a more impersonal world and people can be meaner. I'm frightened by the prospect of how younger Americans who have never endured hardship will react to hunger, fear, joblessness and want. The President and his advisors are worried sick too. The ones who started calling this "SECOND RATE DEPRESSION," --Not Me. And they don't use terms like that for the fun of it, that's for sure.

White House spokesman declined to comment on Brandermann's Report, calling it "Premature" and assuring reporters that Bush "has done an excellent job of keeping the American public up to date on the economy and there is no reason to believe that he will not do so in the future." Privately, however, sources sing a different tune. As one highly placed Washington insider put it: "What the HELL is Bush supposed to say: 'MY FELLOW AMERICANS, YOU'RE TOAST KISS YOUR CASH, YOUR JOBS, YOUR HOME, YOUR CAR AND YOUR FOOD GOODBYE?'

"COME ON! HE'S GOT NO CHOICE BUT TO WAIT UNTIL IT HAPPENS, THAN GET ON TV AND TELL PEOPLE TO STAY CALM AND HANG IN THERE UNTIL THE GOVERNMENT CAN GET A HANDLE ON JUST HOW BAD THINGS ARE AND THAN DO WHATEVER THEY CAN TO KEEP THE COUNTRY FROM BLOWING APART AT THE SEAMS."

While the White House monitors the situation and develops a battle plan for the country, the super rich are doing they historically have done when faced with impending financial crisis. "They're preparing for the absolute worse," says Branderman, who advised President Richard M. Nixon on price controls and other aspects of the economy of the early 1970's. "They're stock piling food and medical supplies, and improving security around their homes, selling stocks and converting cash to GOLD, while paper money still has value. Should you do the same? I did. Remember: Depressions aren't only severe, they are exceptionally cruel and they tend to last a long time. Things will get worse before they get better. "God help you if you aren't prepared."

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