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Saturday, October 11, 2008

Consequence of the Fiat Currency System- GM and Ford may go Bankrupt

The cause is the implementation of the Federal Reserve System. The consequence is the bankrupting of America. When is America going to wake up? The Constitution says you need to have a metal-based currency, coin money. Paper cannot be coined or even minted, it can be printed and of course burned and flushed down the toilet. America has been flushed down the toilet with well-printed paper, with nice green ink. That is all it is. Paper and ink, we have killed and maimed people just for paper and ink. We are all responsible and we all have the power to end the madness. Just stop using their damn paper and following their damn laws.
Statutes are not laws, they are written by lawyers, just ignore them and move on. If they get belligerent, just bear arms and fix the mess.
Oct. 10 (Bloomberg) -- General Motors Corp., Ford Motor Co. and Chrysler LLC, the three biggest U.S. automakers, may be forced into bankruptcy as the global credit freeze damps U.S. sales, Standard & Poor's analyst Robert Schulz said.

``Macro factors could overwhelm them at some point'' even as GM, Ford and Chrysler vow to stick with their turnaround plans, Schulz, S&P's lead automotive credit analyst, said today in a Bloomberg Television interview in New York. The companies said they have no plans to seek bankruptcy protection.

His assessment underscored the pressure on the industry as the worsening credit crisis makes it harder for buyers to get loans and dealers to finance their operations. S&P said yesterday it may further trim credit ratings for GM and Ford on forecasts for 2009 auto demand to fall to its lowest since 1992.

With all three companies working to boost cash, any bankruptcy filing would be a last resort, not a ``strategic'' decision, Schulz said.

``We don't see that as something they would choose,'' he said. Schulz said the ``trigger'' for a forced restructuring under bankruptcy protection would be based on the automakers' ability to preserve liquidity as sales decline. Industrywide U.S. sales slid 27 percent last month, the most in 17 years.

`Not an Option'

``Bankruptcy is not an option GM is considering,'' spokeswoman Renee Rashid-Merem said in an interview today, reiterating comments made yesterday. ``It's not in the interests of our employees, stockholders, suppliers or customers.''

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