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To substantiate the findings that we are faced with a full blown crisis is that it is not widely known that the FDIC is opening a satellite office in Chicago. This office will accommodate up to 500 temporary part time staffers and contractors to manage receiverships and liquidate assets from what they are expecting will be a massive wave of failed financial institutions Jon Owen Racing Review and banks. Meanwhile the US Treasury Department quietly announced that foreign holdings of U.S. Treasury securities continues to fall at a record pace. China alone has reduced its holdings of US Treasuries by over $35 billion. With all this under reported findings there should be a real discussion on what is happening when the largest economy in the world which is now China stops buying US treasury notes? Believe it or not one Republican Presidential candidate has even mentioned the seriousness of our financial distress. The problem is who is going to buy if China won't? You can bet your last dollar it won't be Russia either.

Other signs of impending financial calamity is that mortgage defaults in the United States have continued to hit record highs and housing prices are continuing to fall, yet again. Now, a massive "second wave" of adjustable rate mortgages has already peaked. Remember the first wave in 2007 and what a disaster that was. If this second wave has already peaked what does that tell us about the immediate future of our economy? It is estimated that five million homes and condominiums will go through foreclosure over the next few years. We are being led like sheep by the total distortion of our reality by the main stream media, corporate American and our politicians. If that amount of foreclosures becomes the reality that it is poised to be the implications are far more devastating than one can imagine.