THE DAY AMERICA ALMOST DISAPPEARED
February 19, 2009
To this day millions of Americans remain blissfully unaware (ignorance is bliss?) how close America (as we know it) came to vanishing on September 18, 2008.
That day was the start of a chain of frightening events that came within a monkey's eyelash of seeing not only the entire American economy collapse like a house of cards (which it was and perhaps still is) but also the entire financial and banking system along with it.
Had that happened it likely would have been only a brief time before public panic set in and everyone in the country ran to their local banks to get their money out only to find (surprise!) banks keep only a tiny fraction of the money needed to give everyone their own money back.
That banking system house of cards (where there’s only small amounts of money in those thousands of neighborhood banks) only stays upright and works if Americans have faith in the system.
It is like religion. People have to believe. They have to have faith to make the system work. Once that faith is shattered, the local shaman no longer has powers. The mortal man pulling the levers behind the Wizard Of Oz has been revealed.
There likely would have been some very ugly things happening after millions of Americans discovered they couldn’t get at their own money during their moment of raging fear in a growing national panic. And after that? Who knows? Social disorder, mass violence, martial law? The rise of a fascist dictator? At that point all bets are off and you can let your imagination run wild.
To get a real sense of how scary a time that was for the insiders in Washington DC who were watching it unfold before their eyes, take a look at the documentary titled INSIDE THE MELTDOWN that aired on PBS February 17, 2009 on PBS's award winning FRONTLINE program.
"Inside the Meltdown" is producer Michael Kirk's gripping account of how the country ended up in the worst financial crisis since 1929.
On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," said one Senator at the meeting.
"Many Americans still don't understand what has happened to the economy," FRONTLINE producer/director Michael Kirk says. "How did it all go so bad so quickly? Who is responsible? How effective has the response from Washington and Wall Street been? Those are the questions at the heart of Inside the Meltdown."
You can watch INSIDE THE MELTDOWN by clicking HERE