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12 Economic Collapse Scenarios That We Could Potentially See In 2011

What could cause an economic collapse in 2011? Well, unfortunately there are quite a few “nightmare scenarios” that could plunge the entire globe into another massive financial crisis.  The United States, Japan and most of the nations in Europe are absolutely drowning in debt.  The Federal Reserve continues to play reckless games with the U.S. dollar.  The price of oil is skyrocketing and the global price of food just hit a new record high.  Food riots are already breaking out all over the world.  Meanwhile, the rampant fraud and corruption going on in world financial markets is starting to be exposed and the whole house of cards could come crashing down at any time.  Most Americans have no idea that a horrific economic collapse could happen at literally any time.  There is no way that all of this debt and all of this financial corruption is sustainable.  At some point we are going to reach a moment of “total system failure”.

So will it be soon?  Let’s hope not.  Let’s certainly hope that it does not happen in 2011.  Many of us need more time to prepare.  Most of our families and friends need more time to prepare.  Once this thing implodes there isn’t going to be an opportunity to have a “do over”.  We simply will not be able to put the toothpaste back into the tube again.

So we had all better be getting prepared for hard times.  The following are 12 economic collapse scenarios that we could potentially see in 2011….

#1 U.S. debt could become a massive crisis at any moment.  China is saying all of the right things at the moment, but many analysts are openly worried about what could happen if China suddenly decides to start dumping all of the U.S. debt that they have accumulated.  Right now about the only thing keeping U.S. government finances going is the ability to borrow gigantic amounts of money at extremely low interest rates.  If anything upsets that paradigm, it could potentially have enormous consequences for the entire world financial system.

#2 Speaking of threats to the global financial system, it turns out that “quantitative easing 2″ has had the exact opposite effect that Ben Bernanke planned for it to have.  Bernanke insisted that the main goal of QE2 was to lower interest rates, but instead all it has done is cause interest rates to go up substantially.  If Bernanke this incompetent or is he trying to mess everything up on purpose?

#3 The debt bubble that the entire global economy is based on could burst at any time and throw the whole planet into chaos.  According to a new report from the World Economic Forum, the total amount of credit in the world increased from $57 trillion in 2000 to $109 trillion in 2009.  The WEF says that now the world is going to need another $100 trillion in credit to support projected “economic growth” over the next decade.  So is this how the new “global economy” works?  We just keep doubling the total amount of debt every decade?

#4 As the U.S. government and the Federal Reserve continue to pump massive amounts of new dollars into the system, the floor could fall out from underneath the U.S. dollar at any time.  The truth is that we are already starting to see inflation really accelerate and everyone pretty much acknowledges that official U.S. governments figures for inflation are an absolute joke.  According to one new study, the cost of college tuition has risen 286% over the last 20 years, and the cost of “hospital, nursing-home and adult-day-care services” rose 269% during those same two decades.  All of this happened during a period of supposedly “low” inflation.  So what are price increases going to look like when we actually have “high” inflation?

#5 One of the primary drivers of global inflation during 2011 could be the price of oil.  A large number of economists are now projecting that the price of oil could surge well past $100 dollars a barrel in 2011.  If that happens, it is going to put significant pressure on the price of almost everything else in the entire global economy.  In fact, as I have explained previously, the higher the price of oil goes, the faster the U.S. economy will decline.

#6 Food inflation is already so bad in some areas of the globe that it is setting off massive food riots in nations such as Tunisia and Algeria.  In fact, there have been reports of people setting themselves on fire all over the Middle East as a way to draw attention to how desperate they are.  So what is going to happen if global food prices go up another 10 or 20 percent and food riots spread literally all over the globe during 2011?

#7 There are persistent rumors that simply will not go away of massive physical gold and silver shortages.  Demand for precious metals has never been higher.  So what is going to happen when many investors begin to absolutely insist on physical delivery of their precious metals?  What is going to happen when the fact that far, far, far more “paper gold” and “paper silver” has been sold than has ever actually physically existed in the history of the planet starts to come out?  What would that do to the price of gold and silver?

#8 The U.S. housing industry could plunge the U.S. economy into another recession at any time.  The real estate market is absolutely flooded with homes and virtually nobody is buying.  This massive oversupply of homes means that the construction of new homes has fallen off a cliff.  In 2010, only 703,000 single family, multi-family and manufactured homes were completed.  This was a new record low, and it was down 17% from the previous all-time record which had just been set in 2009.

#9 A combination of extreme weather and disease could make this an absolutely brutal year for U.S. farmers.  This winter we have already seen thousands of new cold weather and snowfall records set across the United States.  Now there is some very disturbing news emerging out of Florida of an “incurable bacteria” that is ravaging citrus crops all over Florida.  Is there a reason why so many bad things are happening all of a sudden?

#10 The municipal bond crisis could go “supernova” at any time.  Already, investors are bailing out of bonds at a frightening pace.  State and local government debt is now sitting at an all-time high of 22 percent of U.S. GDP.  According to Meredith Whitney, the municipal bond crisis that we are facing is a gigantic threat to our financial system….

“It has tentacles as wide as anything I’ve seen. I think next to housing this is the single most important issue in the United States and certainly the largest threat to the U.S. economy.”

Former Los Angeles mayor Richard Riordan is convinced that things are so bad that literally 90% of our states and cities could go bankrupt over the next five years….

#11 Of course on top of everything else, the quadrillion dollar derivatives bubble could burst at any time.  Right now we are watching the greatest financial casino in the history of the globe spin around and around and around and everyone is hoping that at some point it doesn’t stop.  Today, most money on Wall Street is not made by investing in good business ideas.  Rather, most money on Wall Street is now made by making the best bets.  Unfortunately, at some point the casino is going to come crashing down and the game will be over.

#12 The biggest wildcard of all is war.  The Korean peninsula came closer to war in 2010 than it had in decades.  The Middle East could literally explode at any time.  We live in a world where a single weapon can take out an entire city in an instant.  All it would take is a mid-size war or a couple of weapons of mass destruction to throw the entire global economy into absolute turmoil.

Once again, let us hope that none of these economic collapse scenarios happens in 2011.

However, we have got to realize that we can’t keep dodging these bullets forever.

As bad as 2010 was, the truth is that it went about as good as any of us could have hoped.  Things are still pretty stable and times are still pretty good right now.

But instead of using these times to “party”, we should be using them to prepare.

A really, really vicious economic storm is coming and it is going to be a complete and total nightmare.  Get ready, hold on tight, and say your prayers.

  • you’re approved

    what’s the big deal? we’re only borrowing 2 trillion dollars a year.if someone was dumb enough to lend me that kind of cash year in and year out, why stop? free money

  • Gary2

    A recent 60 Minutes/Vaniety fair poll on how to best deal with the financial mess and guess what was BY A LARGE MARGIN the most popular answer???61% said “TAX THE RICH”!!!!!

    My side is winning. More and more people say TAX THE RICH!!! the rich will go down their ill gotten wealth will be returned to the people they stole it from.

    Poll: To Reduce Deficit, Most Americans say Tax the Rich More.

    As many as 61 percent said they would prefer increasing taxes on the rich over three other options: cutting defense spending, cutting Medicare or cutting Social Security.

    http://www.cbsnews.com/8301-503544_162-20027036-503544.html

    I’m loving it! I could not be happier seeing that more and more people want to tax the rich!!!!

  • Tom Brown

    Yet, right now everything is hunkydory. So prepare but have a nice day!

  • http://WBDM Joe in JT

    Speaking of North Korea have you noticed their tone has been squelched recently. Now North Korea “ask’s” and almost pleads for talks with the U.S. Before, they demanded and threatened war. Also they have convinced China to move Chineses troops into North Korea which has been done. The “only” reason North Korea would request such a move is if they were attacked by the West, Chinese troops would be involved causing China to get involved, this would protect North Korea. Personally I think our government has “had it” with the North Korean regime and would like nothing more than to decapitate the leadership there, then uniting the north and south, like one big happy family, then we can all sing Kumbiyah, in Korean of course.

  • http://thecivillibertarian.blogspot.com/ Frankenstein Government
  • Annette

    Get rid of the Fed. Talk about the “elite” who want to control everything…man, this fits perfectly. Guess we should try to enjoy today, who knows what tomorrow is going to bring?

  • Josh

    Gary 2,
    you say “My side is winning. More and more people say TAX THE RICH!!!”
    Here is a news flash, most people are idiots.
    Rather than tax the rich, we should have everyone pay the same 10-15% across the board. Right now only 48% of people pay any taxes at all. Most poor people pay no taxes. Yet they receive the most entitlements.

  • Bideshi

    Tax the rich? They will just move offshore. The only way to tax the rich is with a sales tax. Eliminate income tax and have a national sales tax.

  • Vegas

    4-5 yrs to total system failure. All aboard the one way train to hell…..

  • Johnson

    I personally hope that the apocalypse in any of the forms you imagine does occur in 2011.

    There are too many people getting screwed by the system as it exists now. We need an explosion to act as the catalyst for real change.

    Yes, the world will be different, there will be a lot of pain, a lot of people may die, but that is what is needed so that we may rid ourselves of the tyranny of Wall Street and corporatocracy that we currently live under!

  • alice

    Missing in action are the tough decision makers. We seem to be dealing from a position of weakness. Our debt load has brought the US to it’s knees. Austerity may not feel good in the short run, but it’s best in the long run. The long run is what really matters. Bloomberg/ Christie, and a few others are trying to correct budget deficits, but the bleeders can’t deal with the pain! AUSTERITY NOW, REDUCE TAXES NOW!

  • The Beast

    @you’re approved
    What’s the big deal? Do you think that someone really lend you that amount of money from their assets? Dude, that money came out from printing factories, not from someone’s bank account.
    And what’s wrong with that? I tell you what’s wrong with that: Zimbabwe and Weimar Republic. That what is wrong.

  • BJ99-MD

    Sure, most Americans know that we must tax the rich their fare share. Even if the poll showed that 92% of Americans say tax the rich, it won’t happen. Until we change how elections are funded, we will not get the smart and innovative representation we need. As bad as it is and getting worse, what was the most passionate problem for Congress? Tax cuts for the rich. What else are they doing? Well, they saaaiiid they were going to sit together during the State of the Union. Yeah! that should learn us!!!

  • Matt

    THE RICH WILL LEAVE IF YOU TAX THEM MORE GARY2. THEN YOU WON’T HAVE THEM TO TAX ANYMORE! They will ‘offshore’ their money away from the taxman. Most of them already do anyway right freaking now! Why do you think corporations and jobs are leaving the U.S.? To get away from legalized stealing of punative taxation. Your idea will only hasten the destruction of your quality of life. There will be less jobs here and less of a tax base for the govt.

    We would be better if there were no taxes on anyone since then we would have far far less govt, and therefore far less problems. GOVT CREATES PROBLEMS TO KEEP ITSELF IN POWER. GOVT IS THE ULTIMATE GREEDY RICH-GUY GARY2. LOOK AT HOW MUCH THEY MAKE (STEAL) EVERY YEAR AND LOOK AT HOW MUCH THEY GLUTTONOUSLY, GREEDILY SPEND SPEND SPEND LIKE AN ALL-YEAR SHOPPING SPREE! GARY2, IF YOU HATE GREED THEN YOU HATE MOST OF ALL THE GOVT SINCE THEY ARE THE GREEDIEST OF ALL.

  • http://www.signsoftheend.net/index.html Signs of the End

    #2 Speaking of threats to the global financial system, it turns out that “quantitative easing 2″ has had the exact opposite effect that Ben Bernanke planned for it to have. Bernanke insisted that the main goal of QE2 was to lower interest rates, but instead all it has done is cause interest rates to go up substantially. If Bernanke this incompetent or is he trying to mess everything up on purpose?

    I would say that it is having the exact effect that it was planned to have. Credit tightening brought on the Great Depression, stealth credit tightening will bring on the GREATEST DEPRESSION, and no way to avoid it.

  • mondobeyondo

    Some things go up in price and value; other things go down. It’s always been that way.

    What matters these days, though, is that things are NOT working in your favor.

    Oil – UP
    Groceries and food – UP
    Higher education – UP, UP AND AWAY
    Taxes – OFF TO THE MOON
    Housing prices – DOWN
    Number of employed people – DOWN
    Manufacturing – IN THE CELLAR

    Do you sense a trend here?
    Your day to day necessities are going UP.
    Your assets and wealth building ability are going DOWN.

    Yet the media toot their horns about the “recovery” we are in, and how many new jobs were created recently. Jobs at Wal-Mart and Costco do not indicate a thriving economy. Jobs at John Deere and Caterpillar produce farm machines, which could be used to plow our fertile earth and raise crops. Unfortunately, Caterpillar wants to open new factories in China now. *sigh*

    A service economy produces very little, and consumes very much. It squashes any incentive to discover, innovate and invent. This is very, very bad for us..

    Slowly, but surely, we are being strangled to death. A boa constrictor may be a big, slow snake, but it does its job very well.

  • Anonymous

    Gary2,

    “Taxing the Rich” is a typical response from those who make far less income. What people fail to realize is the “rich” pay the lions share of taxes relative to everyone else. In fact the amount of taxes paid by the rich is the equivalent of many lifetimes of taxation of everyone who is not “rich”. The other thing to realize is that taxation, contrary to popular opinion does little or nothing on the federal level to offset the budget deficit. Most of it goes towards paying the “interest” to foreign countries on our debt. The “money” that you are paid for your wages is “debt”. Take a long hard look at those greenbacks in your pocket. They are “Federal Reserve Notes” which are an issuance of debt not “money”. They are a form of “currency”. You are trading “debt” for your needs and wants. You are being paid with the very debt that you are being taxed on. Effectively you are paying yourself and being taxed on it in the process directly and indirectly through inflation. To get rid of the debt in this country will take many lifetimes unless the slate is somehow wiped clean which would be impossible short of some apocalypse. To begin to fix the debt, we need to stop the “spending” on credit, of the government (military and entitlements), states (entitlements), and “consumers” (buying shit they don’t need on credit).

    http://www.usgovernmentspending.com/fed_entitlement_spending_chart_09_014.html

    It’s going to be a painful process of adjustment getting back to the basic needs and not the wants and desires on all levels that got us into this mess to begin with. All of the fraud needs to be flushed. Stop listening to the MSM and the BS that they spew. There aren’t enough “rich” people to fill the hole that has been dug. We all need to own up to the responsibility and make the appropriate adjustments or suffer the consequences (which will probably come to pass anyway).

    Cheers.

  • Federalist45

    Gary–Do you realize that Lenin and Stalin could not have said it better?

  • Realist

    GARY2 — YOU ARE A SOCIALIST!

    I am by no means rich making $40,000 a year. But if I go out and bust my butt, work 90 hours a week, and risk every dime I have to create a successful business, I think I deserve to keep what I make and not have some Socialist pricks take half of it.
    Yes, there are some who have gotten rich though ripping people off. But the majority ate beans while they got an education, worked long hours, and took huge financial risks to gain their wealth.
    This country was built on the premise that ANYONE who really wants to can become wealthy.

  • http://www.casitasforsale.com Randyoverseas

    Despite the gloom and doom has anyone actually considered what would happen if China did call in all of the U.S. debt?
    Exactly… their economy is dependent upon ours.

    And… does anyone really think that this country would just sit back and slide into the abyss? Come on people… we may have our heads in the sand but look at it this way:
    we invade Canada, many of our problems are over economically…same if we invade Mexico. don’t think it can be done?
    Hey, we invaded how many banana republics…why not invade something closer to home and something that has a payoff.
    Does anyone really and truly think that this country will just roll over with a whimper and no fight?
    come on.

  • stv

    Gary2 …your an idiota.

    I suppose you will be working for some poor person…we all know the poor people are hiring workers .

  • Frank

    Gary 2
    Before you get two excited about taxing the rich… Stop a moment and consider who signs your pay check. I bet it is a rich man. Or someone hired by the rich man to sign it for him. Simply put if you take away his money he will have nothing left to pay you with. Additionally he might leave the country in pursuit of better opportunity. If that happens to a lot of rich people, it will leave behind many more people who do not know how to run a business. Effectively converting the US into a third world country. (this is already starting to happen)
    This country is the greatest in the world, because we have recruited leaders and visionaries, who became rich. We recruited them from all the other countries in the world, for several generations. Do we want to tax them to the point that they want to leave?

  • Kevin Beck

    I think that 60 Minutes poll is hilarious! Do the respondents who would vote to steal from the rich understand these details:

    1. The “rich” already pay most of the nation’s taxes;
    2. Almost 50% of the nation’s adults receive benefits from the Federal Treasury;
    3. Even if the amount of income taxes were to double, our nation would STILL have a budget deficit.

    Where do these survey respondents want to go with this class warfare? We have allowed these tax cheats (some people would refer to them as welfare recipients) to vote. This proves that those who have no incentive to solve the problem will vote to steal from those who have the money. We will only go further down the drain if those who take from the Treasury are allowed to vote themselves the right to continue to loot the Treasury. This nation will not be able to sustain itself on transfer payments to those who will not earn their livelihood away from looting those who do so on their own.

  • David

    We need to arm S. Korea and Japan with short range Nukes enabling us to pull back more troops from S.Korea and reducing our deficit spending.
    This should get China off its dead Axx and force N. Korea to end this hot stalemete in Korea. China does not need a couple hundred short range nukes in Japan and S Korea, but it is the only thing that will get them to do anything with the Psychotic governmenmt in S korea and get them to go nuke free in exchange. Why shoul S. Koreaq, Japan, and th US be the only countries to have to worry about nuclear missle attacks from the far east.

  • Perplexed

    Gary, are you kidding me?

    I’m not rich either, but you don’t understand. Besides the crooks in politics and wall street, the rest of the rich are the ones that CREATE the jobs you have. Make them pay more and they will just leave and take their money with them. Rich people can simply afford to close their business, move overseas and retire without worrying about you and I.

    What value do you add? Not all people with money stole it from people like you. They figured out a way to add more value to the world so people gave them money in exchange. AND – they were financially educated enough to keep their money and buy assets that provide them cash flow. You probably bought a 50″ TV. They bought income producing real estate and built businesses that would run and make money without them showing up every day.

    You want them to give you their wealth just because they are smarter than you?

    What you don’t realize is that if we taxed every person and every business at 100%, this country would still operate at a huge deficit. There’s only so much tax revenue to go around. At some point, the government needs to cut expenses.

    You are just like every other person in this country with their hand out wanting something for nothing. Stop complaining about the rich – and why not BECOME one? There’s nothing stopping you except your excuses.

  • http://www.fdioverview.com/jeanne Jeanne

    Hey Gary, Before you attack the rich, I want to know what YOU are doing to earn money. You could be rich too, if you acquired the information, tools and techniques to be there…and if you were willing to work as hard as many of them do.

    Now, I am NOT forgiving the greedy Wall Street people for their wrongful behavior and our government for allowing what I see as unethical and criminal behavior that is wrecking our lives, but I know a lot of rich people who got there from sacrifice, working real hard, and getting a lot of knowledge about their occupation or “craft.”

    I have associates in my business who were in financial need when they started our home business. It was NOT an overnight thing, but one is now a millionaire the the other–a tiny lady with 5 kids– is on her way to the same economic success. Now we know that MOST people will NOT do what they have to do to succeed in ANYTHING. It takes focus, effort AND consistency. Only a small percentage make it in anything.

    We all “inherit” the same amount of time…24 hours a day. An entrepreneur uses a lot of his/her time to make money. Many people use their time to earn OTHER people money. If you watch TV, go to ball games, buy cars, buy junk food…most purchases they make OTHER people money. I am not saying you should not have those things, but many righ people buy those things from the money they EARN in investments like real estate or securities, NOT from a small salary.

    If your job is not giving you enough money, You can earn money on the internet, in a lot of home businesses, from products or services you put together yourself. There is information on the internet to help
    you be or do anything you want to do.

    EVERYONE should have their own home business even if they have a job they like. The salaried person pays a higher percentage of their earnings in tax than a business owner. The business man/woman has a lot of deductions that a wage earner does not. It is fair..NO… but that is the way it IS.

    Good health and good mental health is having the ability to adapt to what IS, not what you wish it would be. Sure you should try to change things–like I tried to for years as a volunteer and in politics as a committewoman–but instead of complaining you have to TAKE ACTION to deal with what is not working for you.

    So Gary…stop your whining, get some guts and go, Gary, get rich yourself!

    I just started a home business because I need money. I don’t expect someone else who worked hard all their life to give me a huge amount of their earnings. I am 79. Let’s see YOU start now…set some economic goals and work hard to achieve them, instead of being sure you have a problem because someone else is successful.

  • Rob

    Build community, learn old age skills of all sorts, study life of the mid to late 1800’s, help one another, be as self sufficient as possible. I marvel at watching the Mennonites and Amish. They work as community and pool their resources. On the other hand, most baby boomers are self indulgent and isolated, competeing with one another to have more than the next guy. We have been VERY duped. Divide and conquer has worked, and we’ve been blind to it. Now…the greatest train robbery in history. Work hard, be honest, be kind and helpful, and say your prayers.

  • http://www.fdioverview.com/jeanneg Jeanne

    I forgot the g in jeanneg for my web site. Sorry

    http://www.fdioverview.com/jeanneg

    Not smart! :-)

  • Toeser

    Ha! These scenarios are optimistic. I see worse possibilities.

    1) The U.S. finally becomes so fat that the country actually starts sinking and all coastal areas become flooded.

    2) We could have a large comet strike bringing about an ELE (extinction level event).

    I could go on, but get too negative.

  • Tristan

    Gary, tax the rich may work for a year. But without addressing the overwhelming waste, fraud and overreaching entitlement programs the government has put in place, it would be a momentary blip of money into the coffers. The other effect would end up being that no new businesses are created because new business creation requires a good deal of capital, especially right now. My husband and I have looked at buying a business and the banks are so cautious right now with money lending you need 30% down, minimum. That means for a $1,000,000 business, we would need to cough up around $300,000. We have a good retirement account saved up we could borrow from but we are young and don’t have that much saved up yet. The so called “rich” are people that have this kind of cash in reserve, probably run 3-4 businesses already. If you take all their money, they won’t start any new businesses for you thus even less job creation than we have now. It’s commonsense economics.

    If you want a better target for your anger, aim it at the government supporting Big Pharma (healthcare bill), Big Food (Monsanto and the new farming bill passed in lame duck) and Big Banks (Tarp I and Tarp II, Stimulus bill). They are buying the governments votes to pass bills to protect their large companies instead of competing against smaller companies more efficiently to maintain their profits. It is getting harder for small businesses to be formed because of fascism, not just because rich people aren’t getting taxed enough. Make the big businesses perform well on their own without buying Congress protection for themselves, and you’ll see them fail and small businesses thrive thus more jobs created, thus more middle-class and more movement between classes.

    AND, if you think that confiscating wealth will work to eliminate the poor as most unbelievably stupid communists and socialists do, then I suggest you look at Cuba, Russia, China BEFORE their communism took a decidedly capitalist turn or North Korea versus South Korea. OR you can look at Europe’s amazingly poor growth in their post-entitlement age versus their pre-entitlement age. Europe has had growth only due to the American economy supporting their overpriced products. Once our wealth dries up (technically happened long ago), Europe will fully collapse and all their socialist policies will go away either to a reemerging capitalism or to dictatorship.

  • http://www.mikejezek.com Mike

    So what if the US has a lot of debt?

    Who’s going to collect on this debt?

    It’s not like there’s some repo man that’s going to take action on this debt. The US can simply continue to be a deadbeat on its debt and continue printing dollars or outright tell debters, “We’ll pay you 40% of what we owe – take it or leave it.” Who’s going to stop the US?/

    China? They need us just as much as we need them. If we stop buying their goods (everything seems to be made in china) then their economy collapses and they’ll have millions of angry, unemployed, single men roaming the streets.

    And how can Great Depression II happen when the media keeps telling everyone the economy is in recovery. As long as people “believe” it’s in recovery, people will buy, invest in stock, hire new employees and expand businesses and foreign investors will continue to pump money in.

    On that note, where are foreign investors going to put their money? In some loser country? No, they’ll invest in the US since their are so many opportunities available with high ROI.

    Don’t get me wrong, I think with run-away inflation and job losses, times will continue to be tough but the country will not collapse. I hope I’m right.

  • geterix

    very unpleasant scenarios , these, but teasingly
    close to the inevitability principal,try, as
    Schumacher said, to think globally,,,, but work locally, sure, buy a bit of silver, in coins , very convenient for weathering the initial panic
    , if you don’t have a garden , get one!, if your stuck in a city apt. do your all to get unstuck, if that fails ,( a new section of the lodge WEBsite will be covering Urban retrofit and front lines survival, form associations now
    while its still feasable, in Europe, “colony gardens” may be available,,,,, in america , there’s still room , but you’ll have to be clever, remember a sack of rice goes a long way, throw in some lentils, garbonzos,any
    seed or grain you can lay your hands on!!
    On taxing the rich , good luck, it will only work in theory, ( sociology of economics)
    so pull yourself up by your bootstraps, and hang on,in essence we are looking at a bottle of wine, of unestmable vintage, all we need is the cork screw!!, and there’s enough!
    just one of the disparate quirks of our
    civilization!!,,,,,,think —- non- parallele
    your actions may surprise you!,,,,, happy new year

  • Nats

    Yes Gary2 tax the rich is the answer to all the woes of America. Problem with this montra is that we all are seen as rich. Isnt this the same way our lovely current tax system came to existance? See how this works Gary. yet another toe hold for more taxation to provide more services to tax more to provide more services. This endless cycle must be broken as before everyone is living paycheck to paycheck, oh yea how many Americans are looking to get back to those good old days?

  • foldenfan

    Note to Gary2. I have no problem taxing the rich more. But to think that will solve anything is pure dreaming. Even if you confiscated 100% of every person’s income, it is not enough to change our present course toward either hyper inflation, or to complete default.

  • http://www.jonesfamily.us/politics Ron Jones

    We could hike tax rates on every current taxpayer by 100% (double their taxes), and we’d still have massive deficits.

    The answer is not to “tax the rich” (let’s forget for a moment that it’s not your fvcking money and you should keep your hands off other peoples property unless you want it chopped the fvck off).

    The answer is to slash spending.

    War and Entitlements have got to stop. We cannot continue to support foreign military adventurism, and the 1000+ military “installations” around the world.

    Further, Social Security, Medicare, Medicare Part D, and Medicaid have bankrupted the government. They must all be eliminated.

  • Myron Martin

    The potential problems are so enormous that they are paralyzing our leadership who apparently can not think outside the box.

    Surely it should be self evident that our fractional reserve banking system that creates money out of thin air as DEBT that must be paid back with interest has been a colossal failure. It seems that nobody in the present establishment, except perhaps Congressman Ron Paul, has any degree of willingness to address the problem head on by reforming a corrupt system rather than just patching it up for another go round.

    The problem is STRUCTURAL and it has been said that continuing to do the same things over and over and expecting different results is a definition of insanity, Ben Bernanke are you listening?

    While there are areas of the world where shortages of raw materials do exist, for the most part lack of food or other needed commodities is the RESULT of financial mismanagement and manipulation, corrupt and greedy people in positions of power.

    What we need is genuine “social credit” rather than what we have now, “socialized debt” that has become a collapsing pyramid. As long as we have the necessary raw materials, people ready and willing to work then anything physically possible and required by society can and should be made financially possible.

    What would make the difference is if all funds required for any and all infrastructure needs were issued by government as a “CREDIT” and taxed back over the useful lifetime of what is created on behalf of the people who would pay for things like electricity generation, water and sewer mains, roads etc. ONLY ONCE instead of TWICE or more by issuing DEBT INSTRUMENTS that more than doubles the cost by having private bankers print the money on behalf of the government.

    INTEREST IS THE ROOT CAUSE OF INFLATION, no wonder Baron Rothschild purportedly said: “allow me to issue a nations money supply and I care not who makes its laws” and that has proven prophetic, the Federal Reserve has a stranglehold on the economy that has made every nation with a Central Bank a slave to debt.

  • Coulove

    There has never been a better time to stop and reflect for a while about who you are, what you can do and what you want for everyone. Although this article paints a really exasperating picture of our future, the exact opposite is about to manifest. For more information, go to:
    http://stevebeckow.com/2010/09/what-is-nesara-part-12/

  • Tripseven

    Gary2

    I hafta shake my head and wonder what you are thinking, and how you arrived at your beliefs.
    If you hate this country so much, why not permanently move to where “your side” has already won? There are six countries in South America that are now communist. China is nice, or France. Maybe some other country in the Socialized European Union…

    If this country continues to move forward on a socialist agenda:
    Crime rates will skyrocket.
    Crooks will take what you have by violence
    The state will be powerless to prevent it or respond.
    you will not have enough,
    you will not be equal,
    you will be miserable trying to scrape a living along with the peoples already socialist communist world.

    And I’ll be right there with ya, sayin’ “I told ya so.”

    Why do you want to take what someone else has rather than earning or making your own?
    You insist on sitting and waiting for a politician to hand you everything, look at what they’ve already handed you:
    The denial of God,
    The denigration of our morals, our families, and our schools.
    A debt burden of 120k per person,
    Lost of purchasing power of the Dollar,.

    Be warned
    I will fight against your agenda.
    With my prayers, my time
    and what little money I have.

    777

  • Kevin

    Gary2

    Tax the rich all you want. You won’t put a dent in the problem. The US is loosing 50 billion per month in trade; there lay the problem and the solution.

    It’s been my observation that most people that have nothing never understood the concept of saving or living within your means. Oh yes their are the damn unlucky that did everything right and still ended up wrong. By and large that was not the majority. I knew many auto workers that made better then 100k/yr and worked for 20 years that got layed off and are on the verge of or have lost their home. Their wifes worked too. I seen it, remortgage and remortgage live for today, buy the new boat and Harley Davidson but by no means contribute to your 401K. Their 50 years old, made good money their adult life and still have a mortgage? This is what they did with their hard earned money; have any idea what they will do with someone elses?

    I’m not against spreading some wealth. I’m against financial irresponsibility. “A fool and their money go seperate ways”.

  • Lorrie

    In answer to Gary2’s crazy talk…it gets so tiring hearing about taxing the rich. Do the math, even if they took 100% of the rich’s money, we still would not even come close to what we need to solve this crisis. Face it, we’re screwed. And when they do “tax the rich”, how “happy” will you be when your “rich” boss fires you, your other family members and your friends because he can’t afford to or doesn’t want to hassle with keeping his business anymore. Opps! I bet you forgot that the rich employ people and spend money in places that employ people. Ya know, we learned this stuff high school Economics 101 class – business risk equals monetary reward. Right?! So, all the rich bosses will do what we did…and YOUR rich boss will do like we did, fire everyone on the staff…either close up shop or drastically reduce…keep our (their) money, live a little more frugal (fire the housekeeper, babysitter, lawn guy and pool guy, eat out less, etc. Wait – that’s trickle down economics! Inadvertantly, we’re affecting lots of people’s financial lives!)…then your rich boss and all the other rich bosses will do what we are doing – they will wait and see how this all plays out. Too many uncertainities to hire or even keep the business now. Not worth the effort. We’ll just live frugally off our savings and investments for awhile. But wait, that means less tax revenue for the federal government from us and all the other rich bosses. And boy did we pay for many, many years. Not any more and that makes ME “happy”. Those darn trickle down economics again! Someone said during an election campaign, forget who…hmmm…that trickle down economics don’t work…were they misguided? Remember, “you can only eat the rich once”!

  • Scott’s Sense

    @ Gary2, Yes that will work, I think it worked in Soviet Russia as well once upon a time… well maybe not. Raising taxes does not work, every incidence in history where this occured, the result was the direct opposite. The net effect is that these people either leave, or stop working. What is the incentive to work? Don’t think that you can stop people leaving, or would that be Defecting? Thats what happened in Russia. Oh, by the way, democracies eventually fail as well, usually because the poor kept voting for more welfare, at the expense of the rest of the country. When the US is 25% unemployed and voting for more welfare .. pop goes the economy. If you read the consitution (and this is funny because I am not even American) you will realize that everything you said is unconstitutional. In fact if you said these things in the 1930’s you would have been labelled a communist. In fact, American society is more Marxist than many of the countries that it says are “not free”. Go check it out, don’t believe everything the (bought and paid for) media tells you.
    Sarah Palin recently called Julian Assange a traitor who should be charged with treason (yet he is Australian). If the people in power are soo stupid, what does that make the people? Democracy WRT taxes won’t fix your country now, it will only make it worse. I was poor in the first half of my life, and rich in the second half. I never asked for anything I didn’t work for and earn. Shame on you to demand something for NOTHING.

  • Concerned

    Gary2,

    As much as taxing the rich sounds like a good idea, it isn’t going to happen. The whole system we live in is set up for the rich elite to get richer and further distance themselves from the masses. The very government in which you would rely on to impose these ‘increased’ taxes on the rich are benefiting by not doing so.

    The masses of middle class and the working poor bought into the addiction of credit and lived beyond our means over the past 40 years. Most of us have no business living the quality of life we live. Credit was made easy to the masses to enslave them. Period.

    When we bought the deception of credit, we didn’t see nor care what the consequences would be. All that matters to most of us is our materialistic way of life. We are so addicted to this way of life now that short of having it all stripped from us in the form of an economic collapse or war is the only thing that will free us from it.

    The day of reckoning is near. We are now enslaved to the creditors beyond control with no chance of getting out of the red. Debt is slavery.

    What say does a slave have? Who takes a slave and his needs seriously? Slaves are to be used for whatever needs his master may have.

    So who is going to listen when the slaves say ,”tax the rich?” NOBODY!

    Your cries are falling on deaf ears, my friend.
    You, me and everyone else who lived a champagne lifestyle on a beer salary over the past lifetime have sold the right to have our pleas heard.

    We were slaves all the while and most didn’t realize it. Most won’t until they are somehow affected by this economic crisis in some way. Slowly, as this mess unfolds, we will realize how little say we have, or ever did have.

  • Maria

    What about the new international alliances forming now which have severe and intended consequences for the United States? Namely the end of reserve currency status and diminishing availability of natural resources. Our old alliances are crumbling. Those that are left are as economically weak and vulnerable as we are.

    Now Obama WELCOMES “the rise” of a Chinese dictatorship? You mean the fall of America! Our leadership has lost it’s collective mind!

    Your list of economic scenarios that could happen WILL happen…starting with food and fuel while munis and housing go into free fall.

    People, we better be prepared to endure this insanity.

    Jesus please help us.

    Our leadership won’t.

  • lostinmissouri

    I can remember when “rich” was making $10,000 a year.

    TAX THE RICH? What is “rich”? What you are really saying is lets tax the most productive people in the country. Lets make those who choose to work the hardest, pay for those who choose to live on a handout.

    So let me get this straight… I work my ass off, so that my government can take half of what I make, to give to others, who choose not to work their asses off? Who is the “rich” in this picture?

  • Bill Porter

    Mankind [yes, thazrite, as Chrisrock would say]has benn poised on the brink, first as individuals, later more in the collective sense, from our beginnings. All twelve hoorror scenerios are plausible; so… what else is new…?

  • Ken1

    Gary2, What exactly did you win? Do you think that tax money from the rich is going into your pocket? Guess what, Rich people are still rich. Go get a job so you can buy the things you want and you won’t have to envy people that have more than you.

  • K.W.

    Gary:

    you could tax the rich 100% and it wouldn’t put a dent in the debt. Taxes will need to go up on everyone, but there must be huge cuts in government spending (25-35%) Entitlements have got us in this position. Obamacare needs to repealed. Western Eurpoean socialism has failed. Cut the military as well. Cut, Cut, Cut. We have over $100 trillion including unfunded liablities. Politicians and citizens won’t do what’s necessary, the dollar will collapse and many will be wiped out.

  • http://www.constitution.org/cs_money.htm Jon Roland

    Several items are missing from this list, or at least obscure:

    #13 Default by many states, leading to a collapse of critical governmental services, closing of vendor firms, and massive layoffs. This could result in riots in the streets and abandonment of cities by hordes of people.

    #14 A flood of quiet title actions to demand proof of mortgage debt that result in cancellations of most mortgage debt when the proof cannot be produced. This could extend to commercial and consumer loans, wiping out so much debt that the world financial system would collapse with worthless paper.

    #15 A global run on all banks that would overwhelm the ability of governments to protect them all from collapse.

    #16 A collapse of the international monetary system such as occurred in 1931, which would likely proceed much faster than it did then, perhaps in a few days.

    #17 The setting off of nuclear devices in major cities by terrorists. There is reason to believe a few such devices have already been smuggled into the U.S.

    #18 The sinking of several oil tankers by terrorists, or perhaps with damage to their ports. Interrupting world oil delivery could trigger global collapse, and tankers and their ports are highly vulnerable.

    #19 A deadly plague that would bring the evacuation of many cities.

    #20 A major volcanic eruption, tsunami, or other natural disaster to a critical industrial region.

  • mondobeyondo

    Oh sure, Gary2, go ahead and tax the rich.
    They will just pack up and move elsewhere, like, oh, China. Or maybe the Cayman Islands, Dubai, or some other tax HAVEN!!!

    High business taxes are one of several reasons why American businesses are fleeing the country. Higher personal taxes on the “rich”, will have the same effect. They’ll just sell their mansions, pack their suitcases and head for the nearest international airport.

    Nobody wants to live in Taxerica. Those who are able to, are already getting out. However, the rest of us are kinda stuck here. We broke 9-to-5 worker bees don’t have the financial resources to pack up and leave.

  • Mike T.

    Gary, you ignorant fool. Do you know anyone who has been hired by a poor person? Rich people hire people. You have to let them keep more of their money. The problem with this country is too many people in the cart, and not enough people pulling it. You sound like a typical Democrat: You want all the social programs but you want someone else to pay for it. Your compassionate with someone else’s money. That’s east to do.

  • Doug Newman

    Gary 2,

    Look at what a substantial tax hike for the rich would result in. First off: many rich people will simply pull up stakes and leave Amerika taking their money with them (unless of course you lefties restrict the amount of money a person can take out of Amerika stripping them of the balance but, guess what, even that will not work because the truly wealthy have already transferred the majority of their wealth to other lands; the writing was on the wall years ago and believe me the wealthy got the message – get out now). Secondly: some of the rich who still work and have assets in Amerika will simple stop working and then where will you be as you will have destroyed the creators of private employment (believe me all you out of work lefties will not all get job in government – and if you do Amerika will surely be doomed). In conclusion: Amerika has changed. Before today America was a beacon to the rest of the world; unfortunately you lefties have already destroyed much of what made America great and you seem bent on beating the carcass to death regardless of the dire consequences to the American people and the rest of Earth’s population.

    Taking money from people who have earned it and giving it to people who have not earned it (ie. a share the wealth welfare system) IS NOT THE ANSWER. Ben printing money IS NOT THE ANSWER. If you want straight talk read what Congressman Ron Paul has to say. He understands that the solutions to Amerika’s problems are a return to America’s core values (if you want to know what those values are I suggest that before you wipe your ass with it next time you read a bit of the Constitution – it can’t hurt and, who knows, you might see the light).

  • michelle

    Say yer prayers, rabbit!!

  • michelle
  • flubadub

    Another well written and documented article. How is it that 25% of the comments are addressed to the few lines of nonsense written by a sorry misled individual who revels in the attention no matter how negative the criticism? Ignore the silly twit.

  • William

    Too complicated.

    Here are the four choices:

    1) Total collapse….blood in the streets….Unlikely

    2) Marvelous recovery……Unlikely

    3) The US puddles along with anemic GDP growth, 8-10% unemploymnet, moderately bad inflation, and increased poverty…..Likely

    4) A worse version of 3) above, with even worse unemployment and really bad inflation….the beginning of breakdown…Likely

    In any case, the standard of living for ordinary, average Americans will go DOWN. I do not consider myself prescient or smarter than others, but I discussed all this mess with relatives about 5-6 years ago, and my fears have been realized. It is the decline in the standard of living that forms the anvil upon which the solutions will be hammered. Only when America is truly made #1 here in America will we find solutions.

  • Jack Nichols

    Good article

  • Red Porch

    I’m thinkin’ none of us will have to worry about this, but just in case, here’s the solution…

    http://3.bp.blogspot.com/_eeYt1gOHtiQ/TQL5PCxxzFI/AAAAAAAAASM/NSYKYbDqeQs/s1600/v131+Boy-clown+super-genius.jpg

  • Patriot One

    Tax the rich, Tax the rich. Yeah right. When was the last time you got a job from a poor or even middle class person?

    As a small businessman I’m one of those people they call rich. A NYC public school janitor makes more then me. Here’s a novel idea lets tax the unions and politicians.

  • Ben Steinke

    Taxing the rich is NOT THE ISSUE. The issue is that we are ALL taxed way beyond our means. Cutting all taxes across the board for every American, getting rid of the Federal Reserve Bank (and NOT replacing it with another fractional reserve banking entity), and getting rid of the TSA at the airports—now, THERE are some actual solutions!

  • Michael2

    Who would have thought we would see the days come back when borrowing from the loan sharking gangsters would be cheaper than borrowing from the mainstream, law and order establishment banks!!

  • impeachRonPaul

    And we added 1 trillion to the debt by giving tax breaks to billionaires. Republicans war on the middle calss is killing us.

  • Stray Cat

    @ Jon Roland;

    Yup 13 through 16 are really good possibilities. I got my .45 loaded, the popcorn is made, and ready or not, I’m gonna sit back and watch the fun.
    Hope everyone enjoys possum stew!

  • lostinmissouri

    Before we “tax the rich”, I believe the government should set up a new agency, funded with 50 billion dollars, to study the spending habits of the rich and to study what effects taxing them more will have on the overall economy and society as a whole.

    The head of the “tax the rich” agency will make $750,000 per year and his immediate assistants will earn $450,000 per year. This agency could very well outgrow it’s budget within the first year! There is even a job for Gary2.

    That will fix everything! If it wasn’t for our government, we would be completely in the dark! ///

  • http://TheEconomicCollapse dwk406

    You did not comment on the economic situation in Europe. Believe it or not the European debt situation is a lot worse than it is in the U.S.
    One country to especially watch is Belgium. Belgium not only has some pretty bad economic problems, but it is also falling apart as a nation and may soon become two separate nations. Without a strong central government there is no control over the economy. The two new nations may just declare a moratorium on the debt of the original country and throw the E.C. banking system into chaos and the rest of the world would follow.

  • Bubba

    Damn, must be a bunch of millionaires on this site. Pay your fair share, scumbags.

  • JVPcFl

    I’ve been begging for forgiveness every day and can’t wait for the end. I’m personally preparing for death every second of the day. I’m anticipating seeing God and Jesus with my own eye’s. Not going to have to wait much longer by the looks of things.

  • Kevin

    Jon Roland

    You make a good point. With the fragile state of the world economy a crisis that would otherwise we weathered could very well be the “straw that breaks the camels back”.

    None of this is useful to ponder before retiring for a good nights sleep. In some respect it’s better to be ignorant. Ahhh counting sheep, that’s the ticket.

  • eb

    I read a article between 2001 and 2009 that 40,400 factories left the USA for china, that was the same time G Bush went to war in irac and lowered taxes at the same time. Not only are we shipping factories to china but we are build their job base so they can buy more of their own products.

  • another view

    Gary hates Republicans and is proud to say that his side is winning. The proof:

    1) His Democrat prez closed Gitmo as promised.
    2) His Democrat prez raised taxes on those making over $250,000.
    3) His Democrat prez got the troops out of Afghanistan.
    4) His Democrat prez has gotten support for Cap and Trade moving.
    5) His Democrat prez balanced the budget.
    6) His Democrat prez had so much support that his coattails carried democrats into a House majority in the mid term elections.

    Congratulations Gary. Your side is really kickin’ ass. Truth is that two years into his reality check the community organizer in chief realized that the big leagues are a world apart from Chicago politics and from that pew in Jeramiah Wright’s church.

    All kidding aside, I for one am ready to congratulate Mr. Obama on his willingness to do the right things for the country and the economy with regard to the above issues.

  • Illusionist

    We have spent over $2 trillion to “help” the economy since the fall of Bear Stearns, but still lost 7.3 million jobs. Instead of giving this money to the same people who created this economic mess, this amount would have provided everyone who lost a job with a check for $273,972.

  • Historian

    Gary is absolutely correct. The rich used to be taxed heavily in the US, when it was booming in the 1940s, 1950s and 1960s. It started sputtering in the 1970s when the US ran low on oil.
    Check out the history of income tax rates in the United States here.
    http://www.taxfoundation.org/publications/show/151.html

    These rates were brought in as a result of the Great Depression and the New Deal and America prospered like never before.

    Where do the rich get their money from? From the people doing the actual work. The rich cannot, CANNOT survive without people to do their work and skim from.
    I for one think the rich have enough money already. Shovelling more money to billionaires will not fix any problems, if it did, things would be great right now.

  • Eric Fleay

    “The United States, Japan and most of the nations in Europe are absolutely drowning in debt.” Why can’t somebody ask the politicians “to whom” are these nations in debt, and, where did “they” get the money from to lend in the first place?

  • Corbett

    On the other hand, Austrians have been predicting total world economic collapse for at least 50 years — more like 70. It hasn’t collapsed yet.

    I am not saying that the economy cannot collapse. Eventually it will. And certainly it makes sense to be prepared.

    But all these predictions of collapse remind me of the predictions that a week from next Tuesday, Gabriel is going to blow his trumpet and the world will end. Eventually, THAT will happen. And it makes good sense to be prepared.

    But in the mean time, live your life. The prophets of doom have an ABYSMAL track record. They do not merit being taken seriously. Being prepared is common sense. But don’t run your life based on these nonsensical predictions.

  • http://s4.zetaboards.com/Australian_Property Sean Reynolds

    Should you believe in the credit cycles and credit bubbles then a dramatic & precipitous decline in asset prices can not so easily be ignored. After each & every asset bubble inevitably comes the collapse of asset prices before values can one more time be tied into an intrinsic valuation.

    Very important thing for you to keep in mind is bust/boom cycles can lead into a progressively higher and higher debt levels and lower and lower interest rates until ZIRP is a reality for the economy. Then your Federal Reserve can not again stimulate your real estate market and a most serious decline will almost certainly occur! In short it is not different there, no more than anywhere else!

    My view, it is some countries like Australia and Canada holds enviable position in being 1 or 2 more “credit cycles” distant from ZIRP policy before your country must face a fate of severe decline and slowing down of growth like United States of America & Japan. United Kingdom to a less extent is closer than Australia yet farther than aforementioned United States and Japan from serious Credit Crunch. Most certainly you may make a profit in riding the next 1 or 2 debt cycles but your challenge as always it will be exiting your market in good time.

    My view is GDP vs credit ratios will be rising with progressive debt cycles and the official interest rate range, being the counterpoint of GDP/debt levels, will decline until ZIRP polity and a disruptive and game changing reset of the credit system occurs with the final and most serious of credit crunches! You can see with these chart I link below the dangers of credit growth in USA & Australia…..

    Credit & House Price Charts

    The bulls outside USA can take heart from this, there is to be a larger credit bubble and asset bubble to come in your countries before the ultimate collapse!

    ZIRP policy is a controversial one! In the countries where economies collapsed and they brought in the ZIRP to make investing more attractive it frequently fails. My view, this is poor policy as it is unclear if it ever will achieves its intended outcome. In reality it can descend countries into a “liquidity trap” and a more insidious slow down and deflation of the economy that feeds on itself.

    Japan persisted with a ZIRP model since 90s when their real estate and equity markets crashed but their economy it stagnates since then. The USA are following Japan’s failed model foolishly I believe and with same result I fear!

    Sean Reynolds.
    Oz Housing Crash Blogs

  • dippity doo

    Ahhh, the irony of inevitability…

  • Hantayo

    Hey Straycat, I seriously doubt that there are 280 million possums in the entire country.

  • John

    The “Rich” have no problem looting the treasury and mortgaging the future of the poor and middle class to extricate themselves from the consequences of their monumental greed and corruption. But when someone suggests that the “Rich” pay a greater share of their vast wealth to help lesson the misery and privation they have caused by tanking the global economy they cry foul and see communists in the shadows and raise the banner against teachers and public employee unions shouting “How dare they have a pension plan and extra days off for vacation! They must be punished for a pay scale that approaches a living wage!” While big companies and Wall Street fat cats have utilized the wealth of average citizens at zero per cent interest to rocket themselves back to obscene profits, they balk at reducing their ample compensation and bonuses while arrogantly maintaining the superiority of the private sector ignoring that without the pilfered funds of the common man big business and Wall Street would be in ruins. If these leeches who have no allegiance to our country wish to flee abroad because their taxes are increased, let them do so and lose their citizenship as the price of treason as well as a portion of their stolen booty. Our captains of industry are mere power junkies draining the life from our country like vampires. We cannot do much worse for leaders. The change we need will of course not happen since our politicians are partners in crime with the corporate criminals and have facilitated the corruption and plundering of the poor and middle class for decades. The average citizen is being pushed closer and closer to the limit of their financial and psychological endurance. It may not be long before we the people start to push back.

  • schwartzer

    Still no comment on ending the federal reserve the actual root of the problem what up?

  • Terence F. Roe. (Terry)

    There is only one way that this world can be saved from the chaos that is fast moving towards cataclysmic conditions everywhere; and this means world leadership will have to wake up to the truth and get real by very determinedly pushing for a switchover to running the entire world economic system based entirely on God’s Biblical Handbook laws and principles. There is simply no other way to go if we want to avoid a looming total wipe-out situation: when even the super-rich and famous with all their wealth will not be able to avoid destruction. This is the truth, the whole truth and nothing but the TRUTH.

  • Bjorn

    I’m European and Americans amaze me. If you don’t have enough money for administration of your country, you have to raise taxes. You cannot cut costs anymore, except for the military. Look at you infrastructure, it’s falling apart. High taxes aren’t good, but the US does not have high taxes, we do! And no! Europe is not worse off. Greece’s whole debt is what the US pay in interest every year on its debt. We’re in a much better position than the US, remember that the EU is a bigger economy than the US.

  • http://www.pathtoasia.com rhea

    I don’t see how you can stimuli US economy already in a fragile recovery mode and cut investment spending by US government without raising the deficit. Making sure that business and consumers has credit facility to invest and produce and for consumers to buy those products is certainly the way to go. The problem is, we can already see and feel the decline of our economy…

    We help Americans find jobs and prosperity in Asia. For details, visit http://www.pathtoasia.com/jobs/

  • Kevin

    Historian

    You stated.

    “These rates were brought in as a result of the Great Depression and the New Deal and America prospered like never before.”

    The US did not prosper because of high tax rates or the New Deal. The US didn’t really prosper until post WW2 because we had for all practical purposes the only untouched industrial capacity in the world, 90% of the gold and we were an oil exporter. This worked fine for 20 years before Europe and especially post war rebuilt Japan competed again and we hit peak oil in 1970 requiring us to import oil and hads spent our gold rebuilding the war torn world.

    Massive industrial capacity made us great and an eviscerated manufacturing base will make us poor.

    You can tax the rich at 100% and we’re still in deep trouble. We’re loosing 50 billion a month in the balance of trade.

  • Lennie Pike

    Corbett :

    I have been running my financial life on these “nonsensical” predictions since 1999 when I bought a shit load of physical silver and gold and could only do it because it was so cheap. Has anything changed since then, or is everything still the same? It would have been a lot more difficult to “live my life in the meantime” if I had not bought it. It’s still cheap, but there is no longer a period of 12 years in which to buy it.

    The world’s economic system will collapse sometime within the next two years and I’m sure there is some honest college professor out there somewhere who could prove that to you using simple mathematics – that is if things don’t drastically change directions – for example the size of all governments being cut in half immediately, the return to honest money, and the Globalists giving up their dream of perfecting their one world government.

    When it does collapse it could be that gold and silver will be worthless as there will probably be a world fiat currency administrated by these criminal thug authoritarians.

    At least in the meantime buying precious metals helped me weather the tough times that were intentionally engineered to cause the collapse.

  • Gary2

    Josh
    January 20th, 2011 at 7:29 am

    Right now only 48% of people pay any taxes at all. Most poor people pay no taxes. Yet they receive the most entitlements.

    Josh-yep-your right most people are idiots-you need to turn off rush/fox news and actually think (I know this is a foreign concept to the right) You need to look at ALL taxes and not just income tax. Everyone pretty much pays the same. I can not understand how people can’t figure this out. Don’t you ever buy anything at the store and pay sales taxes? Pay SSI taxes? This should be obvious.

  • Gary2

    “But if I go out and bust my butt, work 90 hours a week, and risk every dime I have to create a successful business, I think I deserve to keep what I make and not have some Socialist pricks take half of it.”

    -No you don’t-you need to pay your fair share for having the opportunity and infrastructure and institutions that this country has that provided you the opportunity to even start a business and get rich. There is no such thing as a a “self made man/women”

    Also-poor people provide jobs when ever they purchase things, this is why spreading the wealth would help so much-more demand=more jobs.

    I know taxing the rich will not solve everything but it will be a good start!

    There are a ton of people who think like me regarding taxing the rich and I (and others in OFA) DO work to organize them and get them to vote. The goal of OFA (Organizing For America) is to push Obama to the left and to make him do the right thing (he even said we need to make him do this) I was talking to some college students Wed and asked them if we should tax the rich and spread the wealth more in this country and ALL of them said YES. We are registering them to vote and following up as 2012 gets closer.

    The Republican wins were the best thing to happen for us on the left as it will show the intellectual bankruptcy of the right once and for all-they are already going back on their promises (whenever mr boner stops crying) If the rich want to leave the country they will leave their wealth behind as our country gave them the opportunity to be rich. We can through our government get their stolen wealth they are hiding overseas-look at the rich who came forward when the Swiss gov was pressured to spill the beans by our government.

    Make no mistake-we are winning and we NEVER give up.

  • ludlow

    The Bush Cheney Administration will be remembered as the impetus that pushed us to this cliff. Way to go George/Dick. How to set up the total ruin America in 8 years. If there are survivors, which I imagine there will be, that can be the cautionary founding myth of their new society.

  • Butch

    Gary2…..You are a thief and a fool!

  • Mike

    Americans, just like every other nation putting stock in the dollar as reserve currency, have to turn their back on the dollar and the banks. Force these illegal constructs into oblivion. The interest on the national debt out clocks this nations ability to pay it down with the GDP! It’s a no ****ing brainer!

  • sguild2

    Gary2 – thanks for the communist rants. We are already seeing the tenets of socialim in this country…Bankruptcy. You have a 2nd grade level understanding of economics. Your side LOST last November. The majority of American voters do not agree with you. The vast majority of taxpayers do not agree with you. I know that you feel entitled to someone else’s money so that you can sit on your rear all day and not take responsibility for your own life.

  • Cathy

    I warned about Wall Street crashing more than 10 years before 2008. I said it would be due to fraud & it wasn’t a matter of if, but when.
    Why have the CRIMINAL BANKSTERS gotten away with destroying our economy, the global economy & millions of lives? In fact they were rewarded with tax-payer money & are now even richer than before!

    I also warned that the housing boom was in fact a huge bubble, because there wasn’t a good paying jobs boom. Warned that many would lose their homes because of this “creative financing” which usually ends up bad. (Used to have RE license in 1978.

    Ralph Nader was right when he said ” Capitalism will always survive because Socialism always saves it”

    As far as the unions go, they are at the LOWEST numbers ever. The UNIONS helped make the middle class. They are far from perfect & they shouldn’t be blamed for the economic mess we’re in. As far as pensions go they were earned! Take a look at the “Golden Parachutes” executives of Wall St. make!

    I think our elected on Capitol Hill should take pay cuts, how about the Federal min. wage? I think that would be fair & eliminate THEIR government health care. After all, they are OUR EMPLOYEES! Maybe their jobs should be outsourced! See how they like it.

    It’s even worse that we have sold most of our assets, companies & industries that were American are now FOREIGN OWNED! see: http://www.economyincrisis.org

    WHY AREN’T PEOPLE HERE MAD AS HELL AT THOSE RESPONSIBLE FOR THIS MESS? Geithner even suggested that the government might need to bailout the banks again! The Federal Reserve gave a backdoor bailout of $1.3 TRILLION that Congress DIDN’T EVEN KNOW ABOUT! MUCH went to FOREIGN BANKS & is at taxpayer expense!!!!
    see: ampedstatus.com

    Blame the Wall Street CRIMINAL BANKSTER & their casino style gambling.
    They SHOULD BE INDICTED FOR RACKETEERING AT THE VERY LEAST!

    Blame the WTO, NAFTA, & every other trade agreement that sent jobs to countries with CHEAP SLAVE LABOR, NO REGUKLATIONS for environment- (it’s o.k. to poison these people & their environment. They’re nobody.)

    Blame the CEO’s of corporations & their obscene compensation- they get rewarded for DESTROYING THIS COUNTRY & the middle class. In fact the middle class is their BIGGEST THREAT!

    Blame our government for selling out the U.S. citizens to satisfy their greed. Wall Street & the HUGE CONGLOMERATES, MONOPOLIES, ETC have bought the best government money can buy!

    We still bring in 75,000-125,000 foreign workers EACH & EVERY MONTH just on the H-1B Visa ALONE! This is because the U.S. Chamber Of Commerce says business es can’t find any qualified American workers! It’s practice for U.S. citizens to be replaced with the foreign workers after they train their replacements. numbersusa.com

    I don’t count small business owners as rich. They DO EARN their money & work HARD for it. They do create jobs. It’s the top 1/10 of 1% that hold most of the wealth in this country. They own more wealth than the rest of the 99% combined! They have created many jobs in foreign countries with cheap labor.

    People here in this country are being lied to about wages, jobs, etc. Wages have fallen by 50%+ since 1980 in some industries. Example: In 1980 the meatpacking industry paid $16-$19 an hr. PLUS BENEFITS! It now pays $8-$13 an hr. NO BENEFITS! It’s similar with construction, even though this has always been a job with “ups & downs” from weather conditions & economy, etc.
    http://www.progressivesforimmigrationreform.org/2009/11/29/the-economic-impacts-of-mass-immigration-into-the-united-states-and-the-proper-progressive-response/

    Medical billing paid $45,000-$50,000 a year in 1988. Sometimes up to $65,000 a year. Now it pays up to $40,000 a year. (A friend showed me her W-2’s.)

    My son’s godmother made $23,000 a year as a secretary typist in 1975 at a furniture store in East Los Angeles! Min. wage then was $2.00 an hour.

    Nothing will improve until those responsible for their fraudulent practices & doings (understatement) are held accountable & punished. Justice must be served or it is bulls*#t to say we are a nation of law & justice. It shows that some are above the law which IS UNCONSTITUTIONAL.

    Sorry if I went all over the place but EVERYTHING IS RELEVANT, just pieces of one puzzle.

    Oh Americans DO DESERVE FAIR PAY FOR THEIR LABOR/WORK! Executive CEO’s are making $400-$1000 for every $1 a regular worker makes!

    Thanks for letting me have my say.

  • Kevin

    Gary2

    I’m not against spreading some wealth around but you avoid the root cause. You can tax the rich at 100% and were still in the hole.

    You stated.

    “Also-poor people provide jobs when ever they purchase things, this is why spreading the wealth would help so much-more demand=more jobs.”

    More jobs where the manufactured goods are made, China. After about three or four retail/shipping hands off the money goes to China only to be loaned back to us continuing the debt cycle.

    The Republicans wants people to work for “market value” when that market now includes the third world and the Democrats want to tax that is remaining into non existance. Neither says barely a word about the globalist agenda they both aided and abetted that reduced wages, incomes and government revenues.

  • impeachRonPaul

    The rich will never pay their fair share. 15% for capital gains while the working man pays much more.

    Tea baggers have ruined this country with their ignorance!

  • PancakeJonze

    Gary2, your need to look at your equation of much more demand (of the poor) = more jobs. Your missing an important variable, off-shoring. The off-shoring of labor is why we are in such a hole to begin with. Countless American good-producing businesses have fled the country to escape the non-competitive business climate to recoup their losses from homeland taxes and regulatory fees. Imposing more taxes on the rich will only open the sieve wider and all those jobs you think will be created here by redistributing wealth will be created, but created for 12 year olds in China, Thailand, and and Viet-Nam. Also Gary2 a lot of people don’t pay their taxes, much of them civil servants hired by the state and paid for by our taxes!

  • James Gleason

    We need more people like Ron Paul. Ron Paul for president.

  • Corbett

    Lennie said, “The world’s economic system will collapse sometime within the next two years…”

    The problem is that Austrians have been saying the exact same thing for at least 50 years. EVENTUALLY, they will be right. A stopped clock is right twice a day.

    But saying, “The end is nigh!” over and over really doesn’t tell us anything about when the end will actually come. Looking at the Austrian’s track record, we can only say that it may come within the next two years or it may take another 50 years — the Austrians really cannot tell us anything that is useful.

    Over a decade ago, you decided that the end would come within two years. So you bout silver and gold. But all these years later, the end hasn’t arrived. Are you better off for buying the metal? Perhaps. Then again, what could you have done with the money you had tied up in metal? You may actually be worse off.

    But the point is that living your life in fear of imminent economic collapse just because some fools have played the same broken record for the last 50-70 years is ludicrous.

    There is less science behind economic predictions than there is behind climate predictions. And we have all seen how utterly bogus those are.

  • Corbett

    ImpeachRonPaul — you are so wrong in so many ways.

    First, even your screen name shows a complete ignorance of the Constitution. Congressmen cannot be impeached. If the House of Representatives decide to expel a member, it does so. There s no impeachment.

    Secondly, lowering taxes actually increases tax revenues — as long as the tax rate is on the high side of the Laffer curve. This fact (and it is a cold hard fact) has been demonstrated repeatedly. So keeping taxes lower id not increase the deficit. SPENDING increases the deficit.

    You are right that the rich do not pay “their fair share”. They pay much MORE than their fair share. 48% of American do not pay any taxes at all. THESE people are not paying their fair share.

  • Kevin

    PancakeJonze

    Regardless what we do you can’t compete with 50 cent/hr slave labor devoid of civilized safety and environmental restrictions.

    My point to Gary is you can tax the rich all you want and we’re still headed downward. My point to you is nothing absolutely nothing will make us competetive when the delta in labor compensation is so great. If corporate tax went to zero their still leaving.

    You said:

    “Imposing more taxes on the rich will only open the sieve wider and all those jobs you think will be created here by redistributing wealth will be created, but created for 12 year olds in China, Thailand, and and Viet-Nam.”

    Those jobs are going overseas tax or no tax.

    I watch Glenn Beck and he spoke about how the US Steelworkers drove the industry overseas. Nonsense, if the Steelworkers we’re willing to take a 50% cut their compensation would have been 50 times their Chinese counterpart. If the Steelworkers received $50 hr in wages and benefits and were willing to work for $25 total wages and benefits as opposed to 50 cents in China the delta is 50 X. Simple division, you get 50 Chinese for one US after a pay cut. It’s good no pay cut was offered and the workers could make a decent buck until the end because the end was coming either way.

    Company upon company bled their workforce with concessions for the last two decades only to flee the US and relocate in a country with virtual slave labor. No OSHA concerns, no environmental concerns and a labor cost a sub fraction of the lowest possible wage in the US. Mining cave in? No media, no worries: Kill 200 miners and hire 200 more it’s 21st century profits and 19th century labor relations.

  • Brandon

    If all Wal-Marts were to close Today…would the economy get better?

  • Gerry

    Well, I don’t know a lot about all this economic stuff. But I do know that we now have enough canned goods stocked up for one year. I always try and keep my expiration dates at least two years out. We learned a valuable lesson from hurricane Katrina, and hope we don’t ever get caught with our pants down again, lol. You folks can buy all the gold and silver you want…..I’ll buy bullets, the currency of the future. You can always swap em’ for something if ya need to ;)

  • Gary2

    The great thing about elections is that we can negate a tea bagger each and every time we get a disaffected/somewhat disinterested person to vote again and/or vote for the first time. If you look at the number of folks who do not vote (a national disgrace) We will be negating a lot of tea baggers in the near future. We do not give up, ever! There are lots of urban/rural poor that do not vote. We are engaging them.

  • Lennie Pike

    Corbett,

    All with due respect and in good fun here, but I don’t live in fear and rarely even experience the emotion. If I were being shot at, or woke up and realized I had fallen asleep at the wheel and was heading off a cliff, maybe then I would feel it. I admit though, heights scare me severely every time.

    My decision to buy gold and silver 12 years ago was not based on the belief that the financial collapse of the Dollar would come within 2 years, it’s only now that I am sure it will come within 2 years – the levels of debt then were not nearly as high as they are now and there are now many other signs that a collapse has been intentionally planned. Also, the levels of debt in the EU, Eastern Europe, and Japan have now reached the tipping point when they were still manageable 12 years ago.

    If the Austrians had been listened to by TPTB, one useful thing they could have told you is what happens when a currency is debauched – there had been many examples throughout economic history to prove Austrians to be correct and Keynes to be wrong. This proves without a doubt that the reason TPTB did not accept the Austrians advice is that there is no way they could steal and enslave by using it. The first time that the words came out of Keynes’ mouth explaining his monetary theory, there were probably some “fools” as you call them in the room who thought: “something about that don’t sound right”. They thought that because other than their common sense speaking to them, there had already been many examples throughout history to prove that it was baloney.

    You’re right – there is not much science behind economic predictions, actually there is no science behind it because what’s behind it is mathematics – simple addition to predict and determine debt payable out into the future – which is hard to argue against. Division also – to determine the rate of inflation by dividing the number of newly created (out of thin air) dollars needed to buy government and Wall Street debt, into the number of already existing dollars.

    In the last 12 years gold and silver have outperformed 99.999% of all other possible investments out there due to Keynes and TPTB. There are a handful of stocks that outperformed them for sure but they would have been hard to pick, and I also could have gotten in to flipping houses but I would not have felt right doing it because I understood what it was, why it was possible, who was making it possible and why (even the derivatives believe it or not – the information was out there), and where it would lead.

    That’s about it for my rebuttal, but I couldn’t help see what you wrote to ImpeachRonPaul and saw the opportunity to keep on going.

    The rich pay a 15% capital gains tax only because their income is not derived from labor. They can afford the best accountants, tax lawyers, and lobbyists to figure ways to get it offshore and to find or create loop-holes reducing that 15% even more. They themselves have the laws written to suit them in most cases and pay their agents to vote as ordered.

    You said 48% of Americans don’t pay any taxes at all? Are you including children and the unemployed in that number? Just kidding, because even if you are not, it doesn’t matter.

    Anyway, you must have meant that this 48% doesn’t pay income taxes and you’re right. How much of their $22,000 yearly income do you want them to pay in income taxes after they have already paid at least 30% of that in other taxes – taxes on the necessities of life, not to mention FICA paycheck withholding that many of them will never see a dime of returned ever. Those same taxes represent a very low percentage of the income of the wealthy.

    I would say you are correct that the lowering of taxes increases tax revenues, but not due to the lowering of capital gains taxes on these wealthy that pay only a small percentage of the 15% percent they are supposed to be paying. That reduction of taxes has a positive effect on the ability of small business owners to create wealth and jobs for others and therefore more taxes are paid.

    These small business owners and their employees which are the middle class are being intentionally destroyed by the wealthy and the task has almost been completed.

  • Lennie Pike

    Corbett,

    And even if there is something to the Laffer curve, Austrian Peter Schiff has proven Mr. Laffer to be a complete idiot (only in his profession of economics) and still owes Mr. Schiff a penny though it could have been a lot more.

  • Lennie Pike

    Corbett,

    Climate predictions – Depends on a lot. We all know the climate is changing. The why has a lot to do with the same reasons the economy is collapsing.

    Look up in the sky in the morning on a crystal clear blue sky day, look up again at around noon, and then again in the afternoon. Let what you see sink in deeply and remember years past.

  • Rick

    Jon Roland wrote:#13 Default by many states, leading to a collapse of critical governmental services, closing of vendor firms, and massive layoffs. This could result in riots in the streets and abandonment of cities by hordes of people.

    Jon Roland, who incidentally runs an excellent website on USA Founding principles and the Constitution, has made an excellent point.

    The Powers That Dominate Banking may overstretch. If the USA collapses, if there is panic and rioting and starvation, a “one world currency” may be a moot point. The bankster-gangsters won’t be ruling over a society, they’ll be ruling over a pile of ashes.

  • edgeman.au

    Doug Newman “unfortunately you lefties have already destroyed much of what made America great”

    keep blaming the left while the Corporatist plutocrats keep raping your country, partisan politics is an illusion used to divide the people .

  • PancakeJonze

    Yes Corbett! Thank you! I’m living in California and its frustrating for myself and so many others to watch newly elected governor Jerry Brown already pushing forth an agenda to increase taxes on businesses. Obviously we are in a huge municipal default bind, but forcing more businesses out of our economy will only make matters worse. Lowering taxes and regulations (ie intellectual property) will restimulate our growth and give a more ample supply of revenues to the state. Coupled with a banking system like the State Bank of North Dakota, a state like California or Illinois may actually take a step in the right direction. But can our debts actually be balanced? Save us at least the burdens of taxation so that in the end we will at least have something to hold on to.

    I agree with you in most points, Corbett, save to your “broken clock” theory of Austrian economics. I listen to the Mises Institute podcasts daily and have paid attention to many of the published and Internet printed works made available by this school of economic thinkers, and I can say surely that none of the distinguished Mises fellows has ever tried to pin a date to what seems to be an inevitable collapse, not even Peter Schiff who has made his fortune on doom saying. They are not pinning a date to doom and despair, but rather they acknowledge the steps toward a likely demise. In their ideal market universe maybe the Austrians could predict actual dates, but they are well aware of the interventionist manipulations that tend to keep the market forces well out of the range of typified conclusions.

  • Jim

    Wake up Democrats!!! By the way I’m not a republican either…..but who were Obamas top campaign contibutors…..Goverment Sachs and AIG…and who did he replace the crooked Emmanuel with…..oh yes…Billy Daily…a head honcho from another crook bank….Chase. Still believe He’s A man of the people????

  • m

    Obama = Bush = Clinton= democrats = republicans = CORRUPTION

    http://www.rense.com
    http://www.infowars.com
    http://www.activistpost.com or was it org?

    America, while you were watching tv, your policitians betrayed you.

  • Paulette

    in regards to the post below

    ‘JOHN GALT’

    Doug Newman
    January 20th, 2011 at 7:13 pm
    Gary 2,

    Look at what a substantial tax hike for the rich would result in. First off: many rich people will simply pull up stakes and leave Amerika taking their money with them (unless of course you lefties restrict the amount of money a person can take out of Amerika stripping them of the balance but, guess what, even that will not work because the truly wealthy have already transferred the majority of their wealth to other lands; the writing was on the wall years ago and believe me the wealthy got the message – get out now). Secondly: some of the rich who still work and have assets in Amerika will simple stop working and then where will you be as you will have destroyed the creators of private employment (believe me all you out of work lefties will not all get job in government – and if you do Amerika will surely be doomed). f

  • Gary2

    The rich need look no further than Tunisia to see their fate if the wealth is not spread around more. You know that thing called shared prosperity? Something the doltish right does not get.

    I have heard it said that the rich would be better off having a much smaller slice of a growing economy than their current huge/extra large slice of the stagnant economy we currently have.

    The poster John above has it exactly correct-whenever it is brought up to tax the rich more they change the focus on public employees who have a living wage and cry foul. (this is not to say there are not excess/abuses in the public sector-there are and it should be addressed).

    Most of the private sector jobs are crap low pay walmart mcdonalds jobs. If you look at the % of any new jobs created they mostly are low pay poverty wage service jobs. Folks that corrected my earlier posts about bringing manufacturing back are correct. No one can support their family on wal mart wages. Is this the type of country we want? Where your neighbor goes to bed hungry and you are one paycheck away from eviction? Where so many people need to be on safety net programs because the private sector pays so poorly? I do not know anyone who likes being on food stamps etc (I am sure a few exist). That is no way to live much less prosper. So many need these programs because there are only low pay poverty walmart jobs.

    I think we need to heavily unionize the service sector like was done in the past for the manufacturing sector to force these low life companies to pay a living wage to their workers. Even the right should agree as we are currently subsiding walmart and other companies with our tax dollars by having so many of their low paid workers on food stamps/Medicaid etc.

    But maybe I am wrong-the right seems to love corporate welfare, just not welfare to help poor people. Don’t even get me started on how hypocritical these so called Christians are when it comes to helping the poor…. I will save for another post!

  • sam

    Given offshoring of US jobs, when is the last time you got a job from a rich person?

  • http://firesteel.com/ FireSteel.com

    Tax the rich? well, what constitutes “rich”.

    Now I know many of you think “rich” include those making $100,000 to $250,000 a year. But you need to consider this: most people in this bracket are SELF MADE. They work ungodly hours every week – often 80 or more hours a week while most people only put in their mere 40hrs and go home for cold beers and television.

    These self-made men and women work 12 and 15 hour days, often six or seven days a week. They make good money because they work very hard and create true wealth that circulates throughout your communities.

    Many of the so-called “rich” work their buttocks off, take the risks, and pay huge taxes already because they are self-employed.

    But more importantly to you knuckle-heads out there – these are the guys who are creating the lions share of jobs for you!

    Many of you are saying: “lets increase the taxes on businesses and the hardest working class – the business owners – forcing them to hire less people and eventually go out of business”. That will help the common man and YOU in particular – won’t it?

  • ricardomaago@yahoo.com

    this comment is real ,wolrd leader is united already the next one year political and economic program is already organized so the people no need to worry.the only things to do is to be calm ,the implementation of the program will gradualy come.with regard to ideology no more communism ,democracy still standing but buy the time already settled we will call this fil. ideology.

  • mondobeyondo

    “Rich” is all relative.

    $15,000 a year makes you a very wealthy person in Haiti.

  • mondobeyondo

    For the 132,736th time….

    Taxing the rich will have no effect on our overall situation.

    They’ll have a couple fewer yachts sailing the ocean next to the Hamptons. But when “the ship goes down”, they’ll be in the same boat as the rest of us. They’re renting as many lifeboats as they can, and fleeing to the Cayman Islands.

    To really fix the situation, you have to go after the Hyper-Rich. The big fishies. The people who are really ruining this country.

  • Kate

    I am surprised that no one has brought up the economic devastation that our failed immigration policy is having upon us. the Billions of tax dollars we are spending to support both illegals and legals through our hospitals, prisons, schools, local law enforcment, etc, etc.

    Some states and cities have recently started to tally up the costs, and it is absolutely mind-blowing. We are basically a welfare state for Mexico’s poor, and it is going to up the “collapse” anty by a lot.

  • Gary2

    FIRESTEEL-There is no such thing as a self man or women. They benefit from the country and society they are born in that allows them to become rich.

  • http://500silverblog.blogspot.com/ David

    I agree with every scenario that you have laid out. All are possible and one of them will come to fruition in the next few years. The US gov knows it’s game over for the US dollar.

    I would equate the US on going collapse, of a drowning man, struggling for his last gasp of air, before he goes under for good.The US is at this moment and will use 2012 as a cover for it.

    People in general are stupid and will believe anything if presented in an educated manor. Something will be trumped up by the gov. It will be noted as the cause of the collapse of the USD and US – it will occur at the same time as 2012. The focus of the blame will be deflected to 2012.

    After the collapse people will forget and go back to watching tv, Facebook, American Idol, Jerry Springer, and anything else that will keep them dumbed down. Oh by the way – all of us who are reading this blog will still be considered as conspiracy theorists. Peace

  • http://daschnauz@aol.com ed

    Beats me. Everyone either demonizes the middle class, of which I am, or the rich, of whic I am not. Then it’s sonnets to the poor and how they need ever more resources. When is SOMEONE going to say stop havin children you cannot afford. The ever inceasing burden of children they cannot even feed and then require ever increasing social services is the reason for the massive problems. And to think every small business owner works as much as some suggest is just silly. I was related to one such small business person and he had employees to do the lions shae of the work.

    Wake up amerika. The rich are screwing you and then whining about unfair tax burdens and regulatory oversight. Let them loose, go ahead. You’ll have 100 times the recalls you have now on everything from food to Rx’s. And didn’t we just watch Wallstreet feast on teh middle class to the tune of billions?

  • Kevin

    Gary2

    You stated.

    “I think we need to heavily unionize the service sector like was done in the past for the manufacturing sector to force these low life companies to pay a living wage to their workers.”

    The service sector feeds off of either traditional wealth creation via manufacturing and to a lesser degree the recovery of resources (coal, oil, nat gas) and food production. This has been switched to just increasing the supply of currency or currency credits (fractional reserve banking/debt).

    If Wal Mart paid it’s employees $40K/yr the prices would just rise accordingly. They do not create wealth. Wealth is created by value adding self sustaining manufacturing and as previously stated resources/food. A pile of raw material goes in one end, labor is added and the value of the product is greater then the sum of the parts.

    The root cause of our demise is the evisceration of the manufacturing sector. Everything else is a symptom.

  • Mike

    Since I moved to China 4 years ago I have been living like a KING on my less than 1000 dollar a month Teamster pension.China is the land of milk and honey now and I feel like my ancestors did when they came to America 200 years ago. China has the opportunities now for anyone to get rich.But please dont believe me I dont want any competition here I want it all to myself.

  • Kevin

    Mike

    Glad you like it there. Make sure you let everyone know you do and I suggest not hanging around with anyone or group that may not agree with Chinese government policy.

    We can all complain about what is wrong with the USA but the Left Right and Center here in the US speak their mind. I kinda like that.

    Oh, Chinese coal is probably a great investment being they burn so much of it and are willing to exchange a couple of hundred miners lives per year to get it. No John L Lewis there for their miners or Teamster representation for their transportation workers either.

    Personally I’ll stay in the USA. If we lost 75% of our freedom we would still have more then the Chinese.

  • topeka

    People,

    Stop wasting your time on Gary2. No doubt he is either soaking the rest of us collecting a government check from a cushy sinecure, or soaking us from a financial sector position.

    According to this “foul mouthed” poster, I do not exist. Nor do many of you if you read Daily Wealth.

    Not only have we actually served our country in volunteering our lives and our time publicly and privately; we give more to our community in cash; pay the taxes to the feed the lazy bureaucrats and the Big Bankers; we work 60-100 hours a week; and we create the jobs our neighbors need; and invent the technology which makes our lives possible.

    Instead of responding to a leech, which apparently cannot be removed even with disturbing language, please just tell the truth you know from your own life.

    Nothing like the truth so upsets these people.

    Remember, he tells lies to upset everyone in the hopes of getting a negative response, or better yet, turning everyone away.

    Again, fight fire with fire: simply state the Truth, and know you will cause those like Gary2 to squirm and fume and curse and whine trying to find some way to blame others for his failure to become a success without supping on the blood, sweat, and tears of his honest neighbors.

    – topeka

  • Hector

    After over 50+ years of watching western society sink itself, the problems are insurmountable. The cause is obvious, society has turned its back on the Most High God and His Son Jesus Christ. Its time for sackcloth and ashes and repenting of the gross sins of each of us, facilitated by those in high places, Democrat and Republican.

    The alternative is chaos and ultimate rule by a foreign God as experienced in the middle east since 622AD unless Christ returns first.

  • p

    Kevin said:

    “If Wal Mart paid it’s employees $40K/yr the prices would just rise accordingly… labor is added and the value of the product is greater then the sum of the parts.”

    100% accurate! A dollar these days is meaningless, because there is no clear definition of what it is. In fact, the government likes inflation, because people think they’re getting a raise, when in actual fact their money has just lost more buying power. I read somewhere that when the US dollar was taken off the gold standard in 1971, it has lost 97% of its value since then, when priced in gold! In some ways, it’s amazing things have lasted so long, because, historically, 40 years is a long time for a FIAT currency.

  • Kevin

    P

    The US has used a lot of muscle to retain the USD as the worlds reserve currency status. That status allows us to keep that fiat currency going. The inherent instability in the Middle East which just so happens to have huge energy resources and it’s need for protection puts the USA in almost a “Godfather” role. You accept dollars as exclusive payment and we will protect you. If Saddam was exporting coconuts we would never have been there and OBTW we’re not leaving regardless of political party or administration in power. Woe to the nation with resources that does not want dollars in trade. They will find a need one way or another for our protection unless of course they possess a very big stick themselves. Terrorism is not the only reason we desire no new nation obtaining nuclear weapons. Our very economic existance is predicated on our military power and willingness to use it. MIC is more then a transfer of wealth from taxpayer to corporation; it’s the backbone of the US economically and geo-politically.

    The above being said may be upsetting but such is the reality of the world. If we did not do it someone else would or worst yet no one would. Major wars would be very common place without a police force. I don’t like it but do understand it’s necessity.

    Coum By Ya (we are one)? Never happen. There are too many haves have nots and greed is the blood of ambitious people. Ambitious people create and control. Vicious cycle but one that has been present since the first man picked up a club.

  • http://douglassagency.com THETRUTH2U

    FOLKS, HERE IS THE BOTTOM LINE:
    1.Our government is looking to TAX US MORE!!
    2.The Private Sector is basically on the economic ropes, with less demand, less payroll, less benefits, but more taxes,more and more regulation that makes us “uncompetitive” in the world economy. While the Public Sector continues to make that great sucking sound out of our bank accounts (whats left of them),and pocketbooks.
    Has Anyone Lost Their Job In the PUBLIC SECTOR?? I have not heard of ANY ONE.
    3. Government Spending vs. Private Sector Spending is COMPLETELY OUT OF BALANCE. Too Much Government Spending. Plain and Simple.Too Little Private Sector Spending.
    4. Privatize, all “Public” non military jobs, offices, clinics,agencies, etc. Put the work out on Bids to the Private Sector. Bid Bond. Performance Bond. and Certificate of Insurance.
    5. CUT All Public Sector spending by 50% including the military. We continue to fund “government jobs”, that increase our “aresenal of weapons”, who are we at war with? Afganistan? They fight us with $50 road side bombs, and terrorists, while we spend billions,for “weapons and military jobs”, and “military officers clubs”, Stop. “no more need”. It has become a “major source” of tax dollars. We need to cut it now. 50% All.
    Let the Afganistans fight them. Its their country. What is wrong with their own people stepping up to the plate, and fighting their own battles? Why do we continue to do it for them? South Korea same thing. Get your military in shape. Don’t depend on our fighting men and women to fight your battles. Its time for your people to do it. We support. But You Fight.

  • Kyriakos

    Why don’t you just abolish currency and/or any other form of transaction collateral in the USA for a while? Just to punish the “wealthy”. Think about it…
    K

  • S. Mathew

    I just want to say that everyone on this page has some very good insight about everything. BTW Lennie, I liked your movie. A collapse is inevitable and that’s just ok. The only solution to this crisis is an 80-90 percent decline in population. Who other than the extremely wealthy are going to be able to make that happen. What percent do you fall in?

  • Rachel

    Seems to me there has been a long, long range agenda. Many arrangements to keep us divided. After all there are millions (billions) of us and how many of them? No real difference between Democrat and Republican. The same beings groom and select different sides for us to “vote” on. The money system has been contrived on debt–especially after the Fed Reserve was created. The answer for us ordinary people is to come together instead of allowing division on trivialities. Local food from our own farms and growers instead of imports, local jobs involving people/planet-friendly, sustainable materials and products that last for a reasonable amount of time. View the FUEL film. It tells it like it is and has some obvious, effective, and affordable answers we can all make use of.

  • Matthew

    It would be nice if this article had some indication as to who the author is. I’m sure I could find out with some digging, but it seems like the kind of information that would be included in any blog post.

  • jeff b

    I know very little about the topic here, but even if all the assets of the 10,000 richest americans were given to the goverment it would not scratch the surface of our problem. This is similar to my former money situation. It took me many years to get into debt and i looked for a quick way out. i finally woke up and began to correct the problem butbecame aware that it was going to take nearly as long to get out. when this thing hits the fan, as i think it will by the end of the year, it won’t matter where you stand on the issue or what you think the gov’t should do because it will be helpless to act. the 1929 – 1933 days will seem like a walk in the park! i hope i’m wrong but deep in my heart i don’t think i am. God bless you!

  • David Lewnz

    Most Americans have a hard enough time balancing their checking accounts on monthly bases, let alone to understand the enormous financial pork spending, obese government that we have allowed to be created. The previous writer pointed out that once you spend more then you make, you enter a dark hole. And it takes many years to dig your way out. Unfortunate we in America have dug the biggest black hole ever in the history of mankind. And we can dig our self out. Let’s look at the numbers.

    A. 14 Trillion Of debt that requires annual debt interest payment of $440 billion a year.
    B. If we were to balance our budget based on current 2010 revenue projections of 2.1 trillion in tax receipts, we will add on 1.65 trillion yet this year to financed debt.
    C. 2011 kick it up a notice because we will borrow an additional 1.5 trillion unless the republicans can move a platform for massive budget reduction, say 200 billion for the year, which is a drop in bucket.
    D. If we all agree that we need to reduce the size and expenses of the federal budget to have a balanced budget and do it over four years, we would achieve a balanced budget in 2015 of 2.2 trillion, but have added to our national debt to the tune of 18.65 trillion. With annual debt service of $653 billion based on a average interest rate of 3.5%
    E. With a flat tax that taxes all income, on a sliding scale we could achieve an additional tax revenue stream of 350-400 billion a year, which would be used to applied to debt reduction. Which would take 36-42 years to pay down to zero?

    The numbers do not lie. The American political system booth republicans and democrats do. No one wants to face the facts. Nor make the hard choices and live within our means. Left unabated, we face economic collapse. And it is impossible to tax our way out of the mess.

  • Dr Tim Norris

    I kindly refer the reader to Dr Richard Duncan’s Olduvai Theory which computes energy per capita. The energy per capita (i.e. energy from fossil fuel per person alive on Earth) takes a steep downward trend from the year 2015 into a dark age thereafter. Financial institutions have tried to alleviate this oncoming collapse by printing money which merely causes montary inflation; what else would one expect, the financial institutions are unable to create physical resources and have no real technical skills?! What financial institutions such as the FED are doing is at best neutral in the situation, at worst highly damaging in the situation by creating a hyperinflation scenario. What is needed is the underlying issues to be addressed: uncontrolled population growth, depletion of oil and gas resources. President Obama has shown himself to be utterly useless and merely a puppet of Wall Street and its financial fantasy world. An exactly similar situation occurred in the 1930′s when Wall Street became detached from US main street’s reality and lack of coherent policy resulted in the Great Depression of the 1930′s. This time, it will be much worse: in the 1930′s we had the promise of cheap oil to lift the World economy up, but this time in the year 2011 we are facing the decline of oil and with huge levels of monetary debt and much greater population burden.

    The solutions are quite simple:
    (a) implement Glass-Steagall reform immediately to cope with the debt situation;
    (b) implement Throium LFTR technology to be our principal energy source to replace oil and gas;
    (c) impement measures to stabilize World population at 7 billion with a planned gradual reduction in population by reduced birth rate towards a more manageable World population of around 500 million to 1 billion people.

    These three proposals may upset the sensibiltiies of some people, but the collapse which is just around the corner temporally will be much more bruising than issues (a) to (c) above. Now is not the time to be a pansy! It is time for people to be realistic about the big issues rather than squabbling about irrelevant details.

    Thank you for reading my comment.

    Dr Tim Norris, Norway

  • Dr Tim Norris

    I kindly refer the reader to Dr Richard Duncan’s Olduvai Theory which computes energy per capita. The energy per capita (i.e. energy from fossil fuel per person alive on Earth) takes a steep downward trend from the year 2015 into a dark age thereafter. Financial institutions have tried to alleviate this oncoming collapse by printing money which merely causes montary inflation; what else would one expect, the financial institutions are unable to create physical resources and have no real technical skills?! What financial institutions such as the FED are doing is at best neutral in the situation, at worst highly damaging in the situation by creating a hyperinflation scenario. What is needed is the underlying issues to be addressed: uncontrolled population growth, depletion of oil and gas resources. President Obama has shown himself to be utterly useless and merely a puppet of Wall Street and its financial fantasy world. An exactly similar situation occurred in the 1930′s when Wall Street became detached from US main street’s reality and lack of coherent policy resulted in the Great Depression of the 1930′s. This time, it will be much worse: in the 1930′s we had the promise of cheap oil to lift the World economy up, but this time in the year 2011 we are facing the decline of oil and with huge levels of monetary debt and much greater population burden.

    The solutions are quite simple:
    (a) implement Glass-Steagall reform immediately to cope with the debt situation;
    (b) implement Thorium LFTR technology to be our principal energy source to replace oil and gas;
    (c) implement measures to stabilize World population at 7 billion with a planned gradual reduction in population by reduced birth rate towards a more manageable World population of around 500 million to 1 billion people.

    These three proposals may upset the sensibiltiies of some people, but the collapse which is just around the corner temporally will be much more bruising than issues (a) to (c) above. Now is not the time to be a pansy! It is time for people to be realistic about the big issues rather than squabbling about irrelevant details.

    Thank you for reading my comment.

    Dr Tim Norris, Norway

  • rhedda

    ALL THIS
    bla bla bla bla bla bla from the AMNESIA STRICKEN

    I laugh
    laughing at the country who murdered the natives, commandeered the territory, enslaved and sadistically tortured and murdered African people and continued to skirt the horrible, accountability of that diabolical, color-coded psychopathic legacy then conveniently tells the progeny of those people, who still by and large suffer from institutional racism and white privilege malfeasance, to just “get over it”. And all this coming to a head now with the very obvious criminal minority who managed to be clever enough to consolidate their powers into the perilous corporate culprit behemoths that now tower over everything….

    and now these heathens wonders why everything is so f—-d up ???

    HA HA HA HA HA HEE HEE HEE

    my side is splitting, stop it ya’ll !!

    HA HA HA HA HA (snort snort)

  • http://jenniferkizzy jennifer stewart

    the only thing i worry about are my two young nephews i’m worried that their young parent’s i.e my brother and sis in law i’m afraid that the world we inhabit is now crumbling deep down we should all know that nothing in this world last’s forever including our society nothing ever last’s including life liberty and freedom one day we will tell them of a once great nation called america bye

  • abraham mundackal

    Think as normal people,eat only what is required and stay cool. This is a new country founded on greed and aggression. some of us are cowards; Rely on God and believe that you have to stay;

  • B. Z

    Welfare has germinated and the crop has flourished. We paid people to have children,..and they had children and their children had children.

  • Tim Norris

    Olduvai Theory (Dr Richard Duncan) is now taking effect. The international financial system is a giant ponzi scheme that is now collapsing, witness the situation in Greece and Spain for example. The US economy is totally unsustainable going into the future; soon there will be social collapse and martial law. When the economy flounders, politicians go to war. The political temperature is being raised in Syria, in a prelude to an attack on Iran, all to protect the petro-dollar and the USA’s privileged position having the World reserve currency. This is the reality. My hope is that gas fracking and ultimately Thorium LFTR as our primary energy source (and also a way of concurrenty transmuting and rendering safe all that stockpile of contemporary dangerous nuclear waste)draws attention away from the Middle East which then ceases to become pivotal to the operation of the Western World as we know it. The Chinese are thankfully also working on Thorium LFTR, in parallel to efforts in Europe.

    However, a fundamental issue which is not addressed is that present World population growth is unsustainable without corresponding improvements in technology, especially food production and energy generation. If we keep going with existing technology and existing political structures, collapse will eventually result becuase the present regime is unsustainable. Like a drunken tramp, Wall Street and the City of London financial interests expect continuous economic growth for ever into the future – just not possible ! – as Dr Rowan Williams has stated in the UK, society has become transfixed on ever increasing consumption, materialism and irreversible destruction of the Earth’s envornment. Unless we find technical solutions quickly, there can only be one result in the longer term – collapse !

  • Cory

    100% accurate. The underlying cause of all recent economic catastrophes is that… the world’s demand for industrial goods and capital has been saturated since the 1970s; growth and demand have imploded. That’s why we’ve been experiencing stagflation (the coexistence of low growth and high inflation). Globalization, financialization, intensified suburbanization, the expansion of the FIRE (finance, insurance, real estate)economy, and neoliberal restructuring programs have simply served as sponges to soak up surplus investment capital whose output the populace can’t consume owing to collapses in demand (due to increases in costs and the price elasticity of demand) and social inequalities that limit popular purchasing power. And for which no outlet exists in the productive industry.

    Unfortunately for the state capitalists, the neoliberal model based on offshoring capital has reached its limit; China itself has become saturated with industrial capital. The export-oriented industrialization model in Asia is hitting the walls of both Peak Oil and capital saturation. 75% of China’s manufacturers are already complaining of excess capacity and demand stagnation, even before the bubble of debt-fueled demand collapsed. And today, as goods pile up in wharves from Bangkok to Shanghai, and workers are laid off in record numbers, people in East Asia are beginning to realize they aren’t only experiencing an economic downturn but living through the end of an era. The clear lesson is that the export-oriented industrial model is extremely vulnerable to both increased shipping costs and decreases in Western purchasing power—a lesson that has “banished all talk of decoupling” a growing Asian economy from the stagnating West. Asia’s manufacturing sector is linked to debt-financed, middle-class spending in the United States, which has collapsed. The Asian export economy, as a result, has fallen through the floor.

    Worldwide, industrial production has ground to a halt. Goods are stacking up, but nobody’s buying; the Washington Post reports that “the world is suddenly awash in almost everything: flat-panel televisions, bulldozers, Barbie dolls, strip malls, Burberry stores. A Hong Kong-based shipping broker told The Telegraph that his firm had seen trade activity fall off a cliff. Asia-Europe is an unmitigated disaster. The
    Economist noted that one can now ship a container from China to Europe for free—you only need to pick up the fuel and handling costs—but half-empty freighters are the norm along the world’s busiest shipping routes. Global airfreight dropped by almost a quarter in December alone; Giovanni Bisignani, who heads a shipping industry trade group, called the “free fall” in global cargo unprecedented and shocking.

    Suburbanization, thanks to Peak Oil and the collapse of the housing bubble, has also ceased to be a viable outlet for surplus capital. It was after the collapse of the tech bubble that financialization—the use of derivatives and securitized debt as surplus capital sponges to soak up investment capital for which no outlet existed in productive industry—really came into its own. As Joshua Holland noted, in most recessions the
    financial sector contracted along with the rest of the economy; but after the 2000 tech bust it just kept growing, ballooning up to ten percent of the economy. We’re seeing now how that worked out. Financialization was a way of dealing with a surplus of productive capacity, whose output the population lacked sufficient purchasing power to absorb, because almost all increases in productivity had gone to increasing the wealth of the upper class. Financialization enabled the upper class to lend its increased wealth to the rest of the population, at interest, so they could buy the surplus output. But the housing asset bubble collapsed, government is unable to reinflate housing and other asset values even with trillion-dollar taxpayer bailouts, and an alarming portion of the population is no longer able to service the debts accumulated in “good times.” Not only there are no inflated asset values to borrow against to fuel demand, but many former participants in the Ditech spending spree are now becoming
    unemployed or homeless in the Great Deleveraging. Besides, the problem with debt-inflated consumer demand was was that there was barely enough demand to keep the wheels running and absorb the full product of overbuilt industry even when everyone maxed out their credit cards and tapped into their home equity to replace everything they owned every five years. We’ll never see that kind of demand again, obviously. So there’s no getting around the fact that a major portion of existing plant and equipment will be rust in a few years.

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