The Beginning Of The End
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Celebrating Independence Yet Enslaved To Debt

Every year when July 4th rolls around, Americans from coast to coast celebrate July 4th with cookouts, outdoor concerts and fireworks.  We love celebrating Independence Day and yet we are deeply enslaved to debt.  We like to think of ourselves as "free" and yet we have rolled up the biggest pile of debt the world has ever seen.  The people that we have borrowed all of this money from expect to be paid.  Sadly, instead of addressing the problem, we have been loading more debt on to the backs of future generations with each passing year.  What we are doing to our kids and our grandkids is so immoral that is almost defies description.  At the heart of this debt-based system stands the Federal Reserve.  It is a perpetual debt machine that was designed to trap the U.S. government in a spiral of debt permanently.  Today, the U.S. national debt is 4700 times larger than it was when the Federal Reserve was created back in 1913.  This year alone, we will add more to the national debt than we did from the presidency of George Washington to the beginning of the presidency of Ronald Reagan.  So yes, enjoy the hotdogs and the fireworks, but also remember that we will never be free as long as this constantly expanding debt problem is hanging over our heads.

If you know anyone that does not take our national debt problem seriously, please share with them the video posted below.  It is entitled "Economic Armageddon and You" and it is definitely worth the 5 minutes that it takes to watch it.  Someone out there did a really great job of explaining our debt problem in a way that almost anyone can understand....

So is there any solution to this problem?

Not under the current system.

The debt-based Federal Reserve system is designed to expand U.S. government debt indefinitely.  But of course all debt bubbles burst eventually and we are rapidly reaching that point.

It is being projected that the U.S. national debt will hit 344% of GDP by the year 2050 if we continue on our current course.  The truth is that it would never get even close to that high because the whole system would completely collapse long before then.

So what should we do?

We need to abandon our current debt-based financial system.  The way that our current system normally works, whenever more money is created more debt is also created.  Such a system is inevitably doomed to fail.

We need to transition to an entirely new system that has nothing to do with the Federal Reserve or Federal Reserve notes.  We need an entirely new system where the money is not based on debt.

But even though more Americans than ever are awake to the flaws in our monetary system, the truth is that neither major political party is remotely ready to even consider an end to the current financial system.

Many Republicans believe that if we can just cut government spending enough we can solve the problem.  Many Democrats believe that if we can just "raise enough revenue" we can solve the problem.

Neither of those solutions will work.

Many conservatives are so frustrated with the whole thing that they just want Congress to refuse to raise the debt ceiling.  I have taken a lot of heat over the past couple of days for suggesting that this is a bad idea.

If we refuse to raise the debt ceiling, our borrowing costs will absolutely explode.  Even if the U.S. government adopted a "balanced budget" by some miracle, the reality is that the federal government would still need to "roll over" very large amounts of debt every single year.  If interest rates on U.S. debt rise substantially it will be beyond catastrophic.

In 2010, the U.S. government paid $413 billion in interest on the national debt.

If interest rates were to start rising as a result of a debt default, interest on the national debt would likely double or even triple.

Look, if we want to come anywhere close to balancing the budget under our current system, it will be a whole lot easier to do if we are spending 400 billion dollars on interest on the national debt rather than 1.2 trillion dollars.

Today, the U.S. government only takes in about 2.2 trillion dollars in taxes.  How in the world are we going to have a chance if we have to pay out a trillion dollars just in interest on the national debt?

The yield on 10-year U.S. Treasuries rose from 2.86% to 3.18% just this past week.  Let us hope that this is not the beginning of a bad trend.

A refusal to raise the debt ceiling would also likely set off another recession (or worse).  The following is what a new article on CNBC says would happen if the U.S. does not raise the debt ceiling by August 2nd....

A U.S. default would not only be historic, it would also almost certainly lead to a new financial crisis. Interest rates would likely spike, equity markets would plunge along with the value of the dollar, and the country could fall back into a recession.

We have to raise the debt ceiling.

So does this mean that I am advocating "kicking the can down the road"?

No.

If you are a conservative, you can still get the same result that you want without destroying the credit rating of the United States.

All the Republicans in Congress have to do is to pledge that they will never pass anything but a balanced budget for 2012 or for any year beyond that.  Without the permission of the House of Representatives, Barack Obama and the Democrats cannot continue their deficit spending.  The sad truth is that the Republicans have been enabling and actively participating in this debt binge all along.

A balanced budget would definitely hurt the economy, but at least it would not wreck our credit rating and cause our borrowing costs to multiply.

But is that what the Republicans are shooting for?

No.

It is being reported that the Republicans and the Democrats have tentatively agreed to between $1 trillion and $2 trillion in budget cuts over the next 10 years.

So that comes to $200 billion in spending cuts a year at most.

Considering the fact that we are running budget deficits of about a trillion and a half dollars a year, that is not nearly enough.

So don't accuse me of wanting to kick the can down the road.  I want to actually do something substantial about the national debt.  I just don't think it is a good idea to trash our credit rating in the process.

It is the Republicans and the Democrats in Congress that are kicking the can down the road.

Trillion dollar deficits are not acceptable.  Our nation is on the road to financial ruin.

But it is not just the federal government that is in massive financial trouble.

The reality is that we have "government debt problems" from coast to coast.

Did you hear that the government of Minnesota shut down the other day?

As the financial health of almost every single state government continues to decline, this type of thing is going to become more common.

In the state of Illinois things are so bad that some income tax refunds have not been paid since 2009.  The following is a brief excerpt from an article on the Economic Policy Journal blog....

I repeat, this is no time to own state or municipal bonds. The desperation level at various states and municipalities is getting more and more intense.

With the start of a new budget year just two days away, thousands of Illinois businesses are still waiting for state income tax refunds dating back to 2009.

In a recent article entitled "Is The Economy Improving?", I went into greater detail about the horrific financial crisis that Illinois is facing....

*****

Did you know that things have gotten so bad in Illinois at this point that the Illinois state government is letting bills go unpaid for long periods of time on a regular basis?

It's true.

Right now they have billions in unpaid bills and they are facing a financial future that is so bleak that it is almost indescribable.

In one recent article, author Stephen Lendman described the horrific financial crisis that Illinois is facing right now....

With spending exceeding revenues, and obligations not postponed, unpaid bills are growing "at a frightening rate. For instance, IGPA's Fiscal Futures Model indicates (they) could reach $40 billion by July 1, 2013, with an associated delay in paying those bills of more than five years."

Besides its $13 billion deficit and $6 billion in unpaid bills, its pension fund is about $130 billion in the red - a red flag that state workers may lose out altogether, wiping out their promised retirement savings.

But it isn't just the state government that is having problems.  According to Cook County Treasurer Maria Pappas, the average household in Chicago would owe a whopping $63,525 if all local government debt was divided up equally among all of the households.

*****

How can we claim that our country is free when we are enslaved to such horrible debt burdens?

The borrower is always a servant of the lender.  As a nation, we are becoming a little bit less independent every single day.

So enjoy celebrating Independence Day while you still can.

If we continue on the path that we are currently on, nobody is going to be celebrating much of anything in the future.

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  • stan

    If you are deep in debt, the answer is to go even deeper into debt. Works every time.

  • The Jig’s Up

    It is time to sell some property to China to pay off the debt. Alaskan Islands, some of the islands of Hawaii could raise trillions.

    Napolean sold us the enormous Louisiana Territory, Russia sold us Alaska and now we needd to sell some property to China and Japan to raise capital.

    Selling off assets to pay off debts is the route all Americans must do and the Federal Government must do the same.

    Aloha!!!

    • John S

      Sell California to either Mexico or China. It must be worth about $14.8 trillion. And the country would be better off without those 54 electoral votes that tend to go stupid.

      • Domestic Tranquility

        China/Chinese people are already buying big chunks of California, look at the San Gabriel Valley and South Orange County, most house sales are to Chinese immigrants or mainland investors.

    • Abia The Cat

      That will never happen, I hope. Americans died on these lands to keep America free. To sell them would be an ultimate insult. But, with Obama, you never know.

    • Domestic Tranquility

      How about selling off our military bases overseas? We can no longer afford our Empire.

    • http://themonkeeswrench.blogspot.com/ Richard William Posner

      Unless you’re prepared to sell the entire country, which is pretty much what’s being done, selling a couple of states wouldn’t change anything.
      Nobody is addressing the cause of the problem.
      USURY
      http://www.perfecteconomy.com/

  • ScoutMotto

    I agree with the solution that we need to abolish the current system. Repeal the Federal Reserve Act, and tell the stockholders of the Fed to get out of the country, and stay out. But as long as we are staying in this wretched system, why not raise the debt? It’s all fraudulent anyway.

    It is not accident that the 16th amendment was declared law at the same time as the Federal Reserve Act. The personal federal income tax goes to pay the interest on the debt. That means not one nickel goes to pay for any so-called services or social programs. It goes to pay interest on the national debt. All of that 413 billion bucks in interest came from our income tax. Why are we doing this?

    • McKinley Morganfield

      I agree most wholeheartedly. The government should issue its own debt free currency.

      • http://themonkeeswrench.blogspot.com/ Richard William Posner

        Absolutely correct!

  • Mad Max

    There’s a price to pay for being a sucker, enjoy it. You’ve earned it.

    FIGHT THE CAUSE – NOT THE SYMPTOM
    OsiXs (Revolution 2.0 – The Smart Revolution)

  • McKinley Morganfield

    We have to take the retraction. If we do it soon it will be somewhere around 20-30% of GDP. The ‘too big to fail’ banks will collapse and others will pick the carcasses to take what is of value and recapitalize. Your local or regional banks, if they have good management and are not leveraged will become stronger.

    All federal and most state & local government programs must be pared down drastically starting now. This includes everything: entitlements, pubic employee pensions, and the military. This will be very painful for everyone, especially the poor who will need a bare bones support program. Taxes must be raised and those who do not currently pay taxes must also have a little skin in the game. If we continue to kick the can down the road for another 2 or 3 years it will be a 50+% forced contraction of GDP and we will be Greece on steroids.

    • Nexus

      I think America should disassemble its empire (700 bases overseas), end the 3 or is 4, maybe 5 wars or even looking for 6 in terms of Iran. Reduce the number of spooks you have snooping people, nationalise the banks, eliminate the Federal Reserve.

      It’s perverse that you want the poor and defenseless in society to pay for the greed and bailout of the banks. The US will end up like a big basket case like Greece.

      I reckon society could break down quickly and it would be hell to live in a modern society that breaks down – where there is no money, food becomes scarce

  • Zep

    Sorry,but no economic collapse will occur in the US.Stock Market crash,so what?No viable middle class,so what?Chicken Little followers and weak minded fools.

  • Ben Dover

    Default and stop borrowing. Some of us will have to start helping pull the cart instead of riding. Kind of “Get tough or die!”

  • mondobeyondo

    235 years of independence from Great Britain. Yaayyy!
    No years of independence from the Bank of England.
    (or JP Morgan Chase, Citibank, Wells Fargo, etc)

    Enjoy your hamburgers and hot dogs. Happy 4th of July everyone!!

    • http://themonkeeswrench.blogspot.com/ Richard William Posner

      Not quite.

      There were a few years when Jackson was president. He kicked out the central bank and paid off the national debt in about 2 years. He is the only american president ever to do so.

      Also, during the civil war, the debt-free greenbacks issued by the government allowed Lincoln to “win” the war while keeping the republic in one piece, so to speak.

      After the war, Lincoln made it known that the american government would continue to issue its own debt-free money.

      “The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.”
      Abraham Lincoln

      1862: By April $449,338,902 worth of President Lincoln’s debt free money had been printed and distributed. He went on to state,
      “We gave the people of this republic the greatest blessing they ever had, their own paper money to pay their own debts.”

      The Times of London publishes the following statement,
      “That government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe.”

      Lincoln was murdered shortly thereafter.

  • Glench

    Raising the debt ceiling and entrusting our political stooges to look at coming up with a balanced budget is insane.

    The debt ceiling should NOT be raised, let the peices fall where they may but all will not be gloom and doom…

    I see a bright outlook for the economy once the government goes broke and rids itself of the micro-management beaurocrats that have screwed the business community over the past 30 years.

    • Michael

      If you cut off 1.5 trillion in spending to the US economy, there would be riots in every single city. I think that we should NOT raise the debt ceiling too, but I am willing to be honest that the decision to not raise the debt ceiling will be a very painful decision, and it is a disservice to suggest otherwise. (1.5 trillion in cuts would represent more than a 40 percent cut in government expenditures)

      • http://themonkeeswrench.blogspot.com/ Richard William Posner

        That would be OK as long as it’s taken from;
        Military
        Corporate Welfare
        Tax breaks for non-productive, financial industry parasites.
        Fines and the seized assets of wall street criminals and ceos of criminal corporations.
        The salaries and benefits of the top levels of the executive, judicial and legislative branches of the alleged government.

  • Clyde Ankle

    Look, the Federal Reserve is simply a central bank. Other nations don’t have a “Federal Reserve”. Typically they have a central bank and yet I don’t see nations like Greece or the UK doing any better than us – or worse either. The financial system is all intertwined anyway. If the Federal Reserve was “abolished” it would simply re-emerge in a new form with a new name and would carry all the flaws of the old system and maybe some new ones as well. Reform could accomplish more than any name change. “Abolish the Fed” is a red herring.

    • http://themonkeeswrench.blogspot.com/ Richard William Posner

      You’re totally wrong. Do some research.
      The entire global economy is in debt to central banks and the u.s. fed is one of the heads of the hydra.
      The IMF, the World Bank and the Bank for International Settlements (BIS), in criminal collusion with the u.s. fed are working to turn Earth into a third world planet.

  • moses737

    We are not independent and hasn’t been since 1913 when the International Bankers/Illuminati kingpins got their hands on our banking system. Then we became the slaves and the vascals of the European money powers, that Lincoln so often spoke about. But they will pay a horribly agonizing price for their enslavement of the whole world very soon. As they will try to force everybody to take their zombie making and mind controlling mark of the beast chip in their hands or foreheads.

    And when this happens; God will rain down His mighty plagues upon the globalist devils who would have killed and martyred most of His people who wouldn’t take their Mark (chip) according to Revelation 14:9-11, and chapters 13 in the Holy Bible.

    • Michael

      That is just a bunch of fairy tales and mythology.

      • http://themonkeeswrench.blogspot.com/ Richard William Posner

        And you are a Troll.

  • Alasha

    we could not pay off the fake debt of money that is not worth the paper it is not printed on – Quote: “Gerald Celente”. :)

  • Andrew Bulles

    It is mathematically impossible to reduce our national debt when we are still creating a deficit that is three times as large as our annual interest payment on the total debt. The Congress and most state governments are completely running their affairs counter to a proper Constitutional process as defined by the framers. WE ARE HEADED TOWARDS AN ECONOMIC MELTDOWN! TOTAL WORLDWIDE COLLAPSE!

    The ONLY way to end this is to stop paying all taxes… taxes are the life blood of those that are working to enslave us… STOP PAYING THE TAXES AND WE CAN KILL THE BEAST! OUR motto should be “NOT ONE PENNY MORE!”

    RESISTANCE Then Rebellion then REVOLUTION! Whose with me?

  • Daniel Simon

    DEFAULT on the entire damn debt and there will be nothing to “roll over” Then cut spending to what ever it takes to live within income.

    I have been self-employed all my life. This means NO sick leave, no paid vacation, no benefits and no retirement unless I personally earn and save every penny of it. So it is hard to feel sorry for government “workers”.

    I personally have no use for government at all since all they do in my opinion is harass, regulate, tax and attempt to ticket and fine me. I have never had government do a damn thing for me.

    And before someone points out the military and law enforcement, my response is quit stealing my money through taxes and making enemies through foreign policy and repeal laws keeping me from protecting myself, and I will have no need for any of them.

    Bring the military home from throughout the world end the Iraq, Libyan, Afghanistan abortions NOW!

    Cut current bloated government salaries across the board. 10% cut from 30-50k, 20% cut from 50-75k, 30% cut from 75-100k, 40% from 100-125k and so forth.

    Don’t like it? Then see if you can find even the cut level of pay in today’s private job market!

    Raise civilian federal government retirement to 65 like the majority of private sector workers. Raise military retirement age to require 25 years for half-pay 40 years for full retirement. Consider requiring Military retirees to wait till 65 to draw retirement, especially if they take another government job in order to “double dip”!

    Institute a fairly comprehensive hiring freeze and as numbers of government workers dwindle consolidate and eliminate un-needed agencies such as Department of Energy, Department of Education and virtually every other agency that did not exist circa 1900. The country got along fine without them then, and can do so again.

    Pay congress and president 200k a year base pay, 1k extra for each billion in surplus, 1k less for each billion in deficit.

    Impose “election based term limits” on all Senators and Representatives….meaning for first term they must win 51% or more of the vote, for second term 61% or more, for third term 71%, forth term 81% and fifth on up 91% of popular vote for their seat (since no one can or should have to have 100% of the vote.

    Bring our troops home from around the world and adopt a Swiss Militia type system where citizen’s as part of their civic duty train with and take home military grade weapons. Maintain a rapid response type professional military of about 25% of current force levels, in addition to Militia system above. That should handle hitting back at anyone stupid enough to attack US. In addition spend 20% or so of the savings in military spending on a strong civil defense system with nuclear/bio-weapons shelters and food storage.

    Level with the people about the Ponzi scheme that is Socialist Insecurity and implement immediate means testing. Old people (and I am 51 and getting older by the minute) need to understand that every penny they get is being stolen from current workers and every penny they put in was squandered. They have zero right to one nickel and it needs to be acknowledged as WELFARE just like food stamps and other charity.
    Incidentally, I do not expect to get a penny from this fraud, and have children I love enough to want to set free. Either I work until I drop or I save enough for a few “golden years” something that would be infinitely easier if I got to keep my own money.
    No, old folks are not evil….but they were gullible enough to trust and not watch both the Dems and Republicans and need to face the music. This country can afford to keep the elderly that desperately need the help alive at a very low level….it cannot afford to pay a “triple dip” to the millions of mainly government retirees and those private sector people who were prudent enough to establish a decent retirement.
    Finally, repeal and otherwise get the hell out of NAFTA, GATT, and tax imports, and encourage the re-birth of an industrialized America where we make things for and buy from each other….exactly like we did during the most prosperous time in this country’s history….just after WWII when the rest of the world was in ashes.
    If we do not do most or all of the above the country is toast.

    • JPA

      Great ideas, Daniel! Thank you.

    • JasonD

      Great ideas, Daniel. I especially like the part about getting rid of the arrogant, bloated police force. They have never done anything for me, only give me fines, tickets, etc. I called them one time when I really needed help and the only thing they did was try to prove why they wouldn’t help. I don’t need them and I don’t want their “help.”

      I don’t consider having them cut up homeless people’s tents or clubbing them with their Maglite just for existing to be a public service. Here in CA right now, they are giving out tickets to anything that moves so they can keep their bloat going.

      TO PROTECT AND TO SERVE (their own interests and those of the elites)

    • http://themonkeeswrench.blogspot.com/ Richard William Posner

      Since you “personally have no use for government at all…”, please refrain from;
      driving on public roads
      using the driving, hunting, fishing, fire arms and any other licenses in your possession
      calling the police or any other first responders when you are faced with any emergency you cannot remedy yourself
      expecting or asking for any public services of any kind under any circumstances.

      You might want to look up the definition of society. If you don’t want to pay the dues of living in one, don’t expect any of the benefits.

      • Green Mountain

        Here’s the problem. If the original poster wanted to live in the middle of Alaska or Montana or some other remote location in the woods, on his own, without the benefit of paved roads…..and decided not to have any kids to put through the tax system…..he would STILL have to pay taxes– considerable taxes– to both the local, state, and federal governments.

        He has no choice to NOT pay taxes despite the fact he has a choice to not take any benefit from them.

        Saying one has “no use for government at all” is a little extreme and is probably a knee jerk reaction to the ridiculous mountains of taxes that have increasingly encumbered Americans while roughly one third of the federal budget is wasted money.

        It’s also probably a knee jerk reaction to the ridiculous mountains of regulations, Codes, and laws that have been enacted all in an order to control us, fetter us, and keep us dependent on their central planning.

        We have way too much government and anyone who disagrees with that concept is either dishonest or a full blown Fascist-Commie-Dictatorial-Authoritarian Tyrant. Period.

  • Maria

    Michael,

    I agree.

    “Many conservatives are so frustrated with the whole thing that they just want Congress to refuse to raise the debt ceiling.

    You are concerned about our credit rating and the impact on the interest of the national debt.

    The credit rating system is a farce…a tool used to keep all countries under the control of the fiat system…right down to the last man…hence the personal credit rating.

    I believe the END RESULT of raising the debt ceiling or not…defaulting on our debt or not…IS THE SAME under the current debt based fiat system. The death of our nation. The fiat economy was designed to methodically collapse our economy and the world economy. Defaulting just involves a more expedient death than “not defaulting” now.

    Initially, I tend to agree with the folks that say let it go under now. THE WHOLE DEBT IS FIAT ANYWAY…just like the economy. This may also be the only chance we have to stop the diabolical plan that is in motion.

    To continue the debt paying charade means to further enrich the monsters who created this mess intentionally while keeping their corrupt secret central banking system in place. That system’s ultimate purpose is to empower a one world tyrannical government…a control grid…much of which is already in place.

    Not continuing the charade gives us half a chance of bringing down that control grid and thwarting their much needed “orderly collapse” which enables the submissive transition into a new world order. Unfortunately, it also means an immediate descent into the “Greatest Depression” and less time for more people to wake up and prepare…a potentially greater loss of life. That I would like to avoid…unlike those who support Agenda 21.

    So you’re suggesting another alternative…

    “We need to transition to an entirely new system that has nothing to do with the Federal Reserve or Federal Reserve notes.”

    (Sounds like Lyndon LaRouche)

    We need an entirely new system where the money is not based on debt.”

    So, you’re suggesting we should raise the debt ceiling and balance the budget to protect our debt rating…to buy more time to implement a new economic system?

    OKAY, YOU’VE GOT MY ATTENTION. I am definitely for getting rid of the Fed and secret central banks.

    How in the world are we going to make this transition in the short time we have left? As you mentioned…with the Congress we have in place…not to mention the current administration? There is not much time left.

    What is the plan?

    • Michael

      Maria:

      It would be wonderful if our politicians were willing to consider the closing of the Federal Reserve and the implementation of a new currency that is not based on debt.

      The odds of that happening are somewhere between slim and none and slim just left the building.

      But sometimes I like to talk about what could be done if it was possible.

      Michael

    • Reality Seeker

      Well said, Maria:

      The vicissitude of amerika (lower case spelling denotes how far America has already fallen in every metric) is going to be on the deep downside no matter what, when, why and/or how those in control of amerika’s command-and-control-centrally-planned-economy act.

      If the collapse happens sooner, then the “diabolical plan that is in motion” and a risk of even a greater collapse will not have the chance to become fully implemented. Moreover, the hi-tec, super police state will not be as formidable as it already is, if the system collapse sooner rather than later; However, on the other hand, if the collapse is further delayed, then some good things can also be achieved; namely, well intentioned individuals, such as the author of the above essay, will have more time to educate the ignorant masses. If enough of the ignorant masses acquire an organic, grassroots education, then any police state can be put back on its heels and knocked over. If only 3 or 4 percent of the ignorant masses educate and prepare themselves to join with the 1/2 percent of hard-core freedom lovers that are already fully awake, then it’s game on for a Neo-Independence Day.

      That is why I’m not as quick (as quick as some are) to disagree with the authors conclusion about raising the debt ceiling. I disagree with his premise, but not necessarily with his conclusion. Yes, there is merit in the argument therefrom: Buying some more time to help educate and prepare “the people” may not be a bad idea.

      Candidly, however, I can make a very powerful argument for letting the totally corrupted system come to an acute end right here and now.

    • http://themonkeeswrench.blogspot.com/ Richard William Posner
  • Gary2

    Shocking,”

    That is how Rep. Steve Simon (D. – District 44A) views last night’s failure by Republican legislative leaders to embrace Democratic Gov. Mark Dayton’s proposal to raise taxes on those with annual incomes of $1 million and more as one way to help resolve the state budget impasse.

    “To me, that position is a ‘no-brainer’,” Simon said. “I see it as being very reasonable.

    “Clearly, the Republicans were willing to have the people of Minnesota go through not just inconveniences, but actually hardship for some, so as to not ruffle one hair on a very wealthy person’s head.”

    TAX THE GD RICH ALREADY. EVERYONE KNOWS ITS THE WAY TO GO. F THE REPUBES THEY ARE IMMORAL POND SCUM

    • Green Mountain

      Exactly how is raising taxes on people who have lots of money going to resolve the problem in which we now find ourselves?

      How is that going to fix the government’s habits, its methods, its means of doing business, wasting 1/3 of the taxpayers’ monies in the process?

      How is that going to fix anyone’s behavior?

      It’s kind of like sticking your hand in a hornets nest and wanting the stinging pain to go away…..but instead of finding ways to NOT have to place your hand in the hornets nest anymore, you instead seek to ease the pain of the stinging with temporary salves and ointments– and relatively weak salves and ointments might I add, since taxing rich people to death will do NOTHING for the monstrous debt with which we’ve now been buried.

      You liberals need to stick to art and civil rights. Those are the ONLY two things you people are good at.

  • Reality Seeker

    Once again the seemingly confused author of the above essay makes a very weak case for delaying the inevitable economic collapse by suggesting that raising the debt ceiling and hoping for a mircle(i.e. that the bought-and-paid-for Republicans will somehow save amerika(sic) sometime in the future.) Yes, lets all hope and pray for a game changing miracle; like, for instance, that a Neo-Ronald Reagan will appear, get elected and croak about how “Government is the problem” and a bigger military is the solution.

    Yes, remember, it was the heroic Ronald Reagan that boosted the economy out of recession by building a massive military-machine. It was wartime economics without the war; Thus, under Reagan, began the sovereign-debt and credit expansion cycle that Ludwig Heinrich Edler von Mises warned about—***** how I wish Ludwig was still alive, so I wouldn’t have to read and listen to all of the economic incompetents who think that they themselves can even stand in his intellectual shadow.

    The use-the-military-to-boost-up-the-GDP card has been played by Reagan and replayed after 9/11, and it’s still being played by Obama. amerika! (credit for the sarcastic spelling of America is hereby credited to Dr. Paul Craig Roberts) americka! amerika! amerika is not going to be saved this time around by further credit expansion, fiat money creation and a military buildup.

    Here’s the bottom line: Like all declining and desperate super-powers, that let the corrupt bankers, generals, secrete police, mainstream media and politicians gain total control, amerika and amerikans will bleed, bleed, and bleed. Moreover, amerika will bleed like no other super power before her. If you ask me to describe the future in only one word, it would be BLOODSHED. If I had two words: Police Bloodshed. Three: Police State Bloodshed. At this point not even Ron Paul can save the system, and I don’t think that he’d even try to save the Banksters and The Fed.

    In conclusion, I partly agree with the well intentioned author on his mostly factually correct essay; however, I could make a far more powerful argument in favor of raising the debt ceiling, then hoping for a Republican miracle to save amerika’s future.

    • Reality Seeker

      *Then* should have been spelled than…. I could make a far more powerful argument in favor of raising the debt ceiling, than hoping for a Republican miracle to save amerika’s future.

  • Nate

    Maybe I am confused, but can’t we not raise the debt ceiling and still pay the payments on our debt, if we stop paying for other things? Wouldn’t the government be forced to prioritize its bills and stop paying for the less important things? If not, I would appreciate your opinion as to why not. Thanks.

  • bobbobbobbob

    the top 1% owns 27% of the wealth. the corpterrorist continue to export the good jobs and u want to kill 0 care. u r a failed state so die in the street

    • bobbobbobbob

      its always the same : the people in greece have health care. italy the same brit the same. u want to go private but the old white racists know that they r not stupit and come nov12 they will vote their interests as 26 cong district in ny which overwhelling voted for mcpain went dem. all your corpterrorist bullshit will not chang their minds. U r the laughtng stock of the world. see u in med school as a cad….long live the president.

      • Gary2

        well said

    • Green Mountain

      How’s that British health care system working for you Marxists?

      What happens when tens of millions of unhealthy people, all on O’s abortion of a health care strategy, bankrupt the entire system because they are now getting every minutia of health care/attention provided for them for free?

      Where is the cost-containment going to come from?

      You think the feminists were pissed off because they believe they have a right to kill unborn fetuses…because it is their own bodies?

      How about finding out you will be unjustly taxed to death, or forced by the end of a gun barrel, via the government, into proper and healthy lifestyles as the said government sees fit?

      Fools, all of you left-wing blissninnies.

  • http://www.jobwaltz.com zack

    “We need to transition to an entirely new system that has nothing to do with the Federal Reserve or Federal Reserve notes.”

    I agree completely, but the answer is not to implement yet another fiat currency system that can be inflated away to nothing. Legalize competing currencies and let the market enforce discipline on the money printers.

    Stuck in a job you don’t like? Let us help you find a better one. http://www.jobwaltz.com for premium job search assistance.

    • http://themonkeeswrench.blogspot.com/ Richard William Posner

      Market driven economies are the problem, not the solution.
      As long as profit is the prime motivator, what we’ve got is what we’ll get.

      • Green Mountain

        Profit enables people to work hard and provide for them and their families. The absence of profit enables the presence of mediocrity and failure to assert themselves. The absence of profit keeps people dependent on something other than themselves. It’s weakness at best and death at worst.

        All the real global economic players are heavily into PROFIT right now, while third-rate developed economies like in Europe and the US are heavily burdened with quasi-Socialist policies, trade pacts, and over-regulation.

        Europe: what a bunch of mediocre, irrelevant non-players. Is that whom you wish to emulate?

  • Patriot Alice

    If we default, the people who loaned the money lose their investment. Bankruptcy is for the bankrupt…If Greece defaults, it seem to hurt the investors more, than it would hurt Greece….

  • http://www.prepareforeconomiccollapse.org/free-report James Bell

    Unfortunately most Americans have no clue about what’s going on and when the whole thing collapses most won’t be prepared and there will be a lot of suffering.

    That’s why I prepared a special report about how to prepare for the coming economic collapse and want to make it go viral on the internet.

    I know it’s hard talking to people about doom and gloom because they don’t want to hear about it or think we are crazy pessimists.

    It’s easier to email or facebook them a report or a link to this blog to help them realize what’s going on and how to prepare accordingly.

    Here is the url for the free report download.

    http://www.prepareforeconomiccollapse.org/free-report

    Hit the share buttons to help spread the word so we can try and help as many people as possible prepare for what’s to come.

    Kind regards,

    James Bell

    • JasonD

      It would be a lot more effective if you just put the material on your website (like this website). Your stated objective of reaching more people and “going viral” would happen much easier.

      Nobody wants to give you their email address so you can sell it.

  • Roger D

    I have read very little in the Blogosphere about the effects of all those 30 year Treasuries issued at 15% back in 1981 that are redeemable this year. Does anyone know what is happening with regards to all this very high interest debt that has finally come home to roost?

    • JPA

      Hi Roger. I think the government has the right to call its debts anytime, so when interest rates dropped, they reissued that debt at lower interest rates.

  • Steve

    Debt ceiling should NOT be raised.

    Immediate belt-tightening is necessary. Let the chips fall!

    Shut down our national parks and shut down our military bases in South Korea. Sell off Alaska to China.

    There! That’s approx $1.5 trillion saved right there!

  • ddrr

    Not at all what the founding fathers envisioned. Sad day for America. How about a little hope and change in 2012?

  • feudal warlord

    please collapse aready.

  • http://theeconomiccollapse jackieR

    The US can always ask for forgiveness on their debt.
    In the past the US has forgiven foreign gov their debt.
    Just watched “Inside Job”. Boy what an eyeopener.
    The banks and gov are in bed together. With them running the ship it will only stay on course so they can keep the scheme going. The whole system needs to collapse and the sooner the better.

  • JasonD

    Michael,

    Talking about the loss of our constitutional rights the past ten years, the control of our government by corporations, the movement toward a one-world government by the financial elites, and the Orwellian electronic control grid “they” are vigorously implementing would be another great discussion on this 4th of July.

  • SC23

    Speaking of getting reamed.. I have a question for those who know more about this than me.. so.. we released 60M barrels of oil from the strategic reserves.. supposedly some one had to buy it or will get paid from the processing of it or something.. where did the money go?

    Anyone?

  • dw

    In the exact same paragraph, you say that all the Repubs have to do is … Then you say that the repubs are just as bad as the Demos.

    But we are going to change it ‘sometime in the future’?

    How?

    Collapse it now.

    I’m ready, my family will be ready. Those of you who are not ready… well, I’ll help if I can.

    It’s going to be ugly.

  • germanguy

    “Today, the U.S. national debt is 4700 times larger than it was when the Federal Reserve was created back in 1913.”

    What about inflation?

    • Domestic Tranquility

      The Federal Reserve created inflation, there wasn’t any inflation before the Fed was created.

  • Tatiana Covington

    How about thrift, frugality, and self-sufficiency instead? Also tell all the creditors to get lost.

    Otherwise, 200 years hence, we could find that Earth’s new name is China.

  • Colin

    Twenty-years ago, President Ronald Reagan sent a letter to Senate Majority Leader Howard J. Baker, Jr. Here is the letter:

    http://www.washingtonpost.com/r/2010-2019/WashingtonPost/2011/05/14/National-Politics/Graphics/reagan_letter_0514.pdf

    President Reagan understood the need for raising the debt ceiling, and feared the consequences if the ceiling wasn’t raised.

    Here are some articles on President Reagan’s approach to solving the nation’s budget:

    http://www.politico.com/news/stories/0711/58198.html

    http://www.nytimes.com/2004/06/08/opinion/08KRUG.html?pagewanted=1

    http://www.washingtonpost.com/business/economy/dire-warnings-on-debt-limit-hark-back-to-reagan/2011/05/14/AF0PJp3G_story.html

    As there articles suggest, President Obama is attempting to follow budget policies that were first enacted under a president that Republicans admire and tout as one of the country’s greatest presidents. However, President Obama is a Democrat. The Republican leadership has vowed publicly that they intend to make him a one-term president. The situation has developed to the point that if the president supports one of their policies or ideas, the Republicans will go against it. Here is an article by Ezra Klein on this phenomena –

    http://www.washingtonpost.com/blogs/ezra-klein/post/can-the-president-be-bipartisan/2011/05/19/AGomlQsH_blog.html

    Finally, it isn’t surprising that President Obama is attempting to enact some of President Reagan’s policies. Three years ago, a clip of Senator Obama appeared on YouTube where he expressed his liking for President Reagan. In the video, Sen. Obama says,

    “I don’t want to present myself as some sort of singular figure. I think part of what’s different are the times. I do think that for example the 1980 was different. I think Ronald Reagan changed the trajectory of America in a way that Richard Nixon did not and in a way that Bill Clinton did not. He put us on a fundamentally different path because the country was ready for it. I think they felt like with all the excesses of the 1960s and 1970s and government had grown and grown but there wasn’t much sense of accountability in terms of how it was operating. I think people, he just tapped into what people were already feeling, which was we want clarity we want optimism, we want a return to that sense of dynamism and entrepreneurship that had been missing.”

  • Anthony J. Gullo

    We all understand that we owe more than were earning. I read all the comments and not one offers a real solution. How I feel is we should get the h–l out all wars that are mindless. Cut the military in half and keep lowering it as we make real peace treaties. Get the tax rate up to at least 34% which is fair for anyone making a million a year and scale it up to 49% for income in excess of a billion. Get out of all the crazy military sites we have built all these years.
    Let’s cut non-essential programs as well as oil-tobacco subsudies as well as corn ethenolsubsidies. Let’s learn from peaceful countries like Sweden-Switzerland-Demmark-and other nations that don’t give a s–t if you are a socialist or capitalist as long as you want to be peaceful. Get real education programs going using the internet and stop putting addicts in jail. We are not really the best thing since sliced bread and stop this silly braging about “American Exceptionalism.” Be honest we stole the country from native Americans -mexicans and helped Napoleon invade Europe and Russia with money we gave them from Louisana. No one has clean hands so let’s be honest-humble- prayful and maybe we will not get the reward we richly deserve! Be good…Anthony

  • Debt hell awaits us all

    I love when people say i have no debt.
    Yet they have a mortgage on their home,
    school loans or car payments.
    Yes, we all have been suckered into becoming debt slaves to the rich.
    Your home is not worth what you borrowed for it. Your education can’t get you a decent job.
    Your car lost value the minute you drove off the dealers lot.

    We are all in big financial trouble and the hell hasn’t even started yet.
    get ready it’s coming

    • mondobeyondo

      And even if you own your home free and clear, you have to pay property taxes. So it’s not really “your” house. If the banks don’t take your house, the local government just might do so…

  • expatriot

    To me the reason this charade has been permitted to last this long is precisely because of the credit rating agencies. How does America have a top rating when we are drowning in debt with no way to pay it off? I think just like the sub prime home loans getting triple a rating people at the rating agencies are on the take. If they would have downgraded America a year or two ago people would have started taking this a lot more serious. Both parties would have come to the table. But the way it is now everything’s fine and there’s nothing to worry about is the attitude of some. I agree with Michael not raising the debt ceiling would be a disaster. If the tea party people have their way it won’t happen but luckily they got a couple of softies in John Boehner and Mitch Mcconnel talking so they’ll probably agree to a miniscule amount of cuts. Instead of this being an opportunity to make significant changes its just gonna be a kick the can down the road situation.

    • WHY

      Why would you want the debt ceiling raised?
      To avoid a disaster?
      That is exactly what we need, a financial disaster to change the way things are done.
      You believe in compound interest is the greatest thing?
      That is what is killing the American dream.
      We need a country who prides it self in interest free loans.
      A certain amount of money to each country, no interest, when the money is used up no more printing until the money is paid back INTEREST FREE!

  • Gary2

    To everyone who wants to abolish the fed etc. It ain’t gonna happen anytime soon. Use your energies to voting every right wing tax cut for the rich out of office. Unless you want a repeat of Minnesota where the repubes shut things down so millionaires and billionaires don’t have to pay more taxes.

    The repubes are immoral sickening etc etc. Their vision is a 19th century aristocracy. They are even abolishing minimum wage. Whats next, bring back slavery?

    Damn all the republicans to hell. WTF is the matter with Kansas-a good book on why so many foolish dolts keep voting GOP against their self interests.

  • Abia The Cat

    We do not have wise leaders over us, so I fear what kind of good-sounding but unsound policies they will come up with in their attempts to balance the budget.

  • William

    Americans lost their freedom when very high levels of the US government and Israel conducted the false flag attacks on America on 911. Here we are, almost 10 YEARS after this monstrous crime, and most in America are so stupid as to believe a 100 ton Boeing airliner disappeared into the 16 ft wide hole in the wall of the Pentagon. And, they believe that a large airliner buried itself near Shanksville PA with no debris showing….no seats, airframe parts, luggage, bodies, etc. The REFUSAL of Americans to force the truth out on this crime means the USA is DEAD. Freedoms that so many have died to establish and protect……gone in a flash, thanks to the Smirking Chimp and war criminal Bush.

  • 007

    What a disaster, if we try to cut spending, the government will default or drastically cut spending. It will be like taking heroine away from a drug addict. If we keep letting them spend it continue to destroy the economy. Inevitably it will cause the entire system to crash. The only question is how fast it will all fall apart.

  • ZBK

    American debt is out of control.
    American women are also out of control.
    They are out of the control of any human power.
    It’s all in God’s hands now!

  • El Pollo de Oro

    I pledge allegiance to the flag
    Of The Banana Republic of America
    And to the corporate thieves for which it stands
    One troubled, dysfunctional Third World basketcase
    Under the iron boot of a thieving oligarchy
    With misery and suffering for everyone but The White Shoe Boys (to borrow a term from Gerald Celente)

    Happy 4th of July. And God help The Banana Republic of America, formerly known as the USA.

  • Maria

    The final phase of power and knowledge consolidaion is happening now while the world is distracted by civil unrest and raging price inflation as evidenced by this article http://www.bloomberg.com/news/2011-06-30/goldman-sachs-connections-with-central-banks-reach-ever-deeper-after-hire.html

    The forces of evil are jockeying for position now. They smell victory in the chaos.

    Enjoy the summer, because it is going to be a long, long winter.

  • ScoutMotto

    @Zep – Hope you enjoy your future in a tent city and scrounging for food. Don’t come crying to us when you need help.

  • http://www.youtube.com/safearmsreview SafearmsReview

    It is physically impossible to pay back our debt. Considering a debt of just 1 trillion dollars – if you paid $1 per second it would take you about 30,000+ years! Now lets look at 14.5 trillion – paying $1 per second would take about 450,000 years & thats not counting the interest! But thats not all, if you count all the liabilities which some say is over 100 trillion plus means there is no balancing the budget, no raising (or lowering) the debt limit &/or cuts that will do the job.

    ITS IMPOSSIBLE!

    There is no fixing this problem! I don’t trust the politicians of both sides to do what is right & even if they tried I KNOW the books would cooked & we would actually be in worse shape than where we are now. Hell just look at the china/U.S. trade imbalance – we cant pay china back the money they loaned to us, so we agreed to let them sell more stuff to us, than us to them. Guido will get his money one way or another.

    Face it, its time to go bankrupt & start over. Its time to end the fed, go back to a gold & silver standard & do what is right. Will that mean a collapse, another recession/depression? Probably but its better to amputate a limb than let the patient die.

    I pray this never happens but there is NO fixing this with token cuts or even debt ceiling raises because its impossible (remember 450,000+ years!). Even talking about this is just enabling the debt & corruption addicts. Its time to go cold turkey & start over. The sooner the better.

    When the govt goes bankrupt & gets foreclosed on, we NEED to re-establish the Constitution, the Bill of Rights, the sovereignty of the nation, end the fed & IRS & simplify the tax system. End the tons of profit for big corps who failed & got billions in stimulus money & tax everyone to some degree. Something like 10% for everyone on everything; then encourage business with a 5% tax rate or some similar program.

    IMHO anything other than that is a waste of time & only prolongs the inevitable.

    Oh well, we’ll see what happens come Aug.

    ;)

  • Domestic Tranquility

    I say pass a balanced budget and eliminate the Federal Reserve ability to create money out of thin air, then it doesn’t matter if they raise the debt ceiling or not, because the US would not be borrowing money.

    Also put a 20% tarriff on Chinese imports until they stop fixing the RMB exchange rate. This will bring more jobs and income back to the USA, and will offset the loss of excessive government largess a balanced budget would bring.

    As for the current debt what would happen if the US Treasury printed money and bought it all back? Yes there would be inflation but we wouldn’t have to pay interest on the debt any longer.

  • Ted

    A better phrase than “kick the can down the road” is: to roll the snowball down a hill.

  • Harrison

    The US has become over weight and lazy, we stuff our faces, mooch and defraud the system, worship entertainment and sports. Work ? Nobody wants to get off their ass and actually do something. Hollywood and the general media at large is poisoning the minds of our young people. We march to what ever they say and they know it. We’re a divided country morally and as history and the Bible say, “a house divided shall not stand”. We are in serious financial trouble and the idiots in our government who got us here can’t figure out how to get us out.
    The gravy train is over, no more free rides.

  • Wake Up Sheeple

    Yes. The only way the sheeple of the US will overthrow the Puppet Leadership in Washington is if the financial armegeddon unfolds. Otherwise they will keep buying the BS that the main stream media shovels every day; telling us to go back to buying crap we don’t need that’s manufactured overseas. The Establishment pulls the strings of the politicians and media, and the sheeple buy it hook, line, and sinker.

    Don’t fear, sheeple…you don’t have to put your lives in the hands of The Establishment. You can install a true government “of the people.” Don’t let the politicians make you feel guilty for declaring class warfare on The Establishment…after all, The Establishment declared war on you many years ago.

  • Paul

    Just need to expropriate the banking kingpins.

    Those are the guys wo earn the most from the interest payments.

    TAX them 90%.

    What then? They won’t buy any nore treasuries? Good.

    Give treasuries instead of welfare.

    Then all those interest payments go to the poor and they can spend it on booze and the government gets tax on booze.

  • Owen

    Nationalize the Fed. Problem solved.

  • Maria

    Michael,

    We have some increasingly difficult times ahead of us, and your blog has been a beacon in the night for many of us who are trying to help our friends and family see what is coming. Hopes and dreams of better days may help us endure our pain, but right now is a time for PREPARATION. Time is running out!

    All this debate about raising the debt ceiling…or not, defaulting…or not is a waste of time and a distraction. The politicians will do both. In the process they will also lead us into more war and further devalue our dollar into oblivion!

    What can the people do? PREPARE! PREPARE! PREPARE!

    Spiritually, physically, materially, emotionally, psychologically…

    PREPARE!

    • Michael

      Maria:

      It is very true. That is why at times I really hope for some extra time before the total collapse comes. It will give people a little bit more time to prepare.

      Michael

    • moses737

      Yes Maria – We can only now prepare for the worse. But those of us who know Jesus will be prepared. Because we have been use to putting our trust in Him. But those that dont know Jesus will panic and have no hope or direction or light. Personal debt is rising because the International Bankers/Illuminati is robbing America and destroying the middle class.

      But dont worry little sista; the Great God of Heaven will plague them and defeat them very soon; for trying to force His people to take their zombie making and mind controlling mark of the beast chip in everybodies forehead or hand; according to Revelation 13 and 14; and especially Rev.14:9-11, which says that those who take their Mark (chip) will be tormented 24/7, because it will mean that they have chosen and sided with Satan and his antichrist beast leader.

  • Gary2

    If the repubes do not raise the debt ceiling Obama should cut off all federal funding to all red states. I bet boner and cnatdo would come begging back to the negotiations table.

    He has the right to determine where the revenue we have after the aug 2 deadline is spent.

    I have heard progressives, even those like me stuck in red states, call on the president to “starve them into submission”. No highway funds, stop all military work in red states etc.

    These stupid Mother F repubes need to be put in their place once and for all. If they do not like government let them live without it.

    • Domestic Tranquility

      You really think the US should borrow over $1 trillion per year forever? How will it ever be paid back? Who is going to guy those government bonds? Just the interest alone is over $400 billion a year. Your portion of the interest alone is $2500 a year, you don’t mind paying that?

      • Gary2

        Vote all repubes out and the economy will take off. We can easily grow our way and tax the shit out of the rich and corporations out of any debt.

        There is tons of money, its just in the hands of the top 1-2%.

        Tax and redistribute, people have money to spend and the economy is fixed. (will also need the single payer and employee free choice act passed)

    • Todd

      Sounds good. You can move your parasite ass out, and take your parasite Gov with you! Deal.

      • Gary2

        OK ayn rand take off the tea bags and turn off rush and think. Comments like yours show such an utter lack of critical thinking it astounds me. You have to be a repube of libertarians to be this devoid of thought.

        Why don’t you mover to Somalia? there you will have no pesky government to bother you although you may be ducking bullets, but that’s OK, you will have no gov to bug you.

    • estamos jodidos

      Gary,

      You seem to think that raising the debt limit wealth re-distribution will solve our problems. Have you considered that we we are just spending more than we can afford. Even if you taxed at 100% (total communism) our government still can not afford the promises that have been made.

      The promises which have been made are lies which we can not afford and will never be able to afford. These were lies told to us by politicians, both republican and democrats. These are lies which were told to us because we are gullible and ignorant. These are lies which were told to us a bribes, to buy our votes because they told us what they thought we wanted to hear. They are still lies.

      The housing mess is partially because the banks told people lies about how much house we could afford. Re-fianance now, take out your equity, don’t worry about the ARM reset. You will be able to sell the place is a couple of years before the reset and make a tidy profit. How did that work out for us?

      The un-employment situation is partially because of lies unions told us about how we could force companies to pay us more for the same job. I mean what are they going to do? Pack up their factories and move them overseas? We can demand higher wages, more benefits, etc… How did that work out for us?

      Congress is the branch of Government which controls the purse strings. Yet Democrats have been in control of Congress from 2006 until 2010, 4 of the last 5 years, more or less. From 2008 to 2008, the Dems had a veto proof and filibuster proof majority, yet the debt problems continued to grow massively.

      It is easy to blame repubs if that makes you feel better, but you need to understand that both parties are engineering the collapse, and we collectively have been foolish enough to believe in their hype and lies.

      At some point, we all are going to be held accountable and responsible for this disaster, as we watch our country flush down the toilet. The cost of the looming economic disaster is going to be born on the backs of the former middle class.

    • Otown Right Guy

      Shiftless bums like yourself are not “stuck” in red states. There is freedom of movement between states. Why don’t you move to a great progressive place like Detroit? Maybe the bankrupt, corrupt demorat run state of Illinois? California?

  • Fred

    A couple of comments for people to consider. The article stated that the interest was over 400 dollars for 2010. When President Reagan took office the national debt was just 988 billion dollars. When it left it was 2.6 trillion dollars. Every President since Reagan has added to the national debt. Consider this, if every President had a balance budget from Reagan on, the interest today would only be between 30 and 35 billion dollars a year, not 413 billion dollars.

    My other comment is that the national debt will not 344% of the GDP. The reason is that the financial system will collapse withing the next five years.

    Based on all the economic and financial reports I have read, there is a better than 50% chance that no agreement will be reached by August 2, 2011.

  • El Pollo de Oro

    “This is the biggest bank robbery in world history, and the banks are doing the robbing.” —Gerald Celente

    “The IMF is the International Mafia Federation. They’re the loansharks of last resort.” —Gerald Celente

    “Work harder, work longer, and earn less because the mafia needs your money.” —Gerald Celente

    “When the money stops flowing down to Main Street, the blood begins to flow on the streets. And the money is not flowing down.” —Gerald Celente

    “You can sum up what has killed capitalism in four words: too big to fail.” —Gerald Celente

    “What are these so-called austerity measures? What do they really bring? Oh, they bring a lot more poverty. Oh, they bring a worse GDP. Oh, they bring more unemployment.” —Gerald Celente

    “Our digital currency isn’t even worse the paper that it’s not printed on.” —Gerald Celente

    • El Pollo de Oro

      Oops, typo. That last Gerald Celente quote should be “Our digital currency isn’t even worth the paper that it’s not printed on.” Lo siento.

    • moses737

      Thanks El Polo. These are some great and forgotten quotes of this great financial genius. But I am afraid he is too late. Because the International Bankers/Illuminati kingpins has owned all of our Presidents; except for Kennedy and Reagan. And now; they have had 2 of the greatest puppets that they have ever had.

      But don’t worry! The Great God of Heaven will return soon; and defeat them in hours with His mighty angeic armies. And have them all screaming and yelling their heads off in the greatest agonies imaginable.

  • don’t worry

    For Everyone who is concerned about our economy here in the USA, or the bigger picture, the global economy, do not put too much thought into it. You can not change anything on an individual or group effort just by talking about it.

    Most of you and your friends will unfortunately be the “new” poor in the coming decade. It will be called the lost decade in most history books. Even with your college degrees of worthlessness, even your phones and droids, you ain’t gonna never ever get ahead of the game, because you live in a nation that is broke and soon to be bankrupt.

    • moses737

      Don’t worry!! The reason that I don’t worry is because I am on the winning team. Jesus and His Almighty Heavenly Father will eventually defeat the antichrist globalist and have them all weeping and wailing in great agonies; after they have tested and killed His people who wouldn’t take their mark of the beast chip in their foreheads or hands. And this is according to Revelation 13 and 14; especially Revelation 14:9-11.

      And the worst that will happen is that we are killed and go to heaven and look from heaven and see their punishments. As God will pour down His mighty plagues upon them; while we are waiting to return with Jesus and His mighty angels.

  • mondobeyondo

    This will come as a real shocker to the vast majority of you.

    I heard on one of those ABC News Radio specials, that nearly 1 out of 5 people did not know what date the U.S. Constitution was ratified. (My ancient fading memory says it was ratified on July 2nd, 1776, and signed on July 4th, 1776, and finally approved by the Continental Congress on August 2, 1776, but I may have gotten the specific dates wrong. It HAS been a while.) They even narrowed it down to the YEAR!! — to make it easier! And they STILL didn’t get it. Wow.. No, it was not 1492, nor was it 1861. 1941? Ha ha ha.

    Good grief. What are teachers teaching our children in school? Are they learning anything at all? Besides how to procreate?

    Back in my day (waaaay back in 1979!) you knew what July 4, 1776 meant. If you didn’t, you failed American History class. We freshman high school students learned about the Revolutionary War, George Washington crossing the Delaware River with his army, and so forth. We knew how many amendments there were to the Constitution (it’s 27 amendments up to now). We knew what the Bill of Rights were. And no – it’s not the opposite of the Bill of Lefts.

    WE HAVE LOST RESPECT!!

    Respect for our Founding Fathers. Respect for the documents they proposed and signed. Respect for so many things we once held near and dear.

    Somewhere along the way, things changed drastically, from “Let us thank God for the blessings He bestowed to this land, its freedom and opportunity for humanity everywhere* – to “Hey, my chicken thighs and drumsticks are burned! Dad, you weren’t watching the fire! And the ice cream is melted! When does the fireworks show start?”

    * – I made that part up. Hee! It’s not in the Constitution or any other document.

    • Domestic Tranquility

      The Declaration of Independence was signed on July 4, 1776, not the US Constitution.

      • mondobeyondo

        Sorry, my mistake. Told you my memory was fading!

      • Rowell

        How Ironically awkward. (^_^)

        • mondobeyondo

          I’m not the teenager I used to be. (hee hee)

    • Otown Right Guy

      And I bet they don’t teach in schools anymore about the German bombing of Pearl Harbor!

  • Fedcrockery

    if california was worth 14.8 trillion we would not be in the shape we are ALL in. No state is worth anything at this point in debt time. who would pay anything for a broken earthquake disaster in the making. It would be like buying for a car say at a reasonable price and find that a lein is against it for 2000 times more than its worth. As Dylan said in a song, Everything is Broken. when a nation is poor and down for the count it may be best to play opposum or hang from a tree by the tail in hopes that we could fall on a morsel, especially since we are all asleep or we could crawl up the carcasses of the of the things that the Buzzards are circling over, that is our choise it seems. It is our Children that are going to be stunted in propertiy. Don’t look up because the buzzards hate for you to see them circling and they may want to pluck our eyes out so as to continue to capitalize on the lack of knowledge that we all have. we are looking at the dark truth to late mates and the ship is sinking into the cold dark and the struggle for life and self sustainment will be a show of humanity in its most base nature.

  • Ted

    They will raise the debt ceiling (again), that means we will just have more time to prepare. Next time can we actually follow the constitution and maybe skip the whole Fed Reserve central bank thing?

  • Do not walk RUN

    Get out and away from major cities, while you still can. Get your families out too if you can. Once greece goes down, the rest will folow, once the EU Collapses, were next. The big cities will be hit the hardest, crime, looting,riots, total mayhem. Get out now!

    • mondobeyondo

      And run to… where??

    • moses737

      Yes do not walk, Run!! This was the grand plan of the International Bankers all the time. And because we are on to them; they are speeding everything up. But once they collaspe our economy; and it will fall soon; then you will have to know God and Jesus; or panic and run and hide and lament.

      But God will protect and bless His people; even though we will probably be martyred and killed; because we will not take their zombie making and mind controlling, mark of the beast chip that will curse your soul forever once you take it. Why will this Mark (chip) curse you; because according to Revelation 13 & 14, and especially Revelation 14:9-11, by taking it; it will mean that you have joined and sided with Satan and his antichrist beast leader; and their wicked leaders and workers.

  • Fonestar

    Simple problem, simple solutions.

    1) Return to a gold standard
    2) Ban credit cards
    3) Kill Medicare and Healthcare
    4) Kill the TSA, NSA, CIA, DHA
    5) Stop invading countries
    6) Kill “free trade”
    7) Charge lobbyists with treason
    8) Raise interest rates to 5 – 10%
    9) Ban the Republican and Democratic parties
    10) End the War on Drugs
    11) Kill public “education”

    But of course you won’t do that. You don’t change until you really start to feel pain.

    • http://www.youtube.com/watch?v=wUl6aFgL41U&feature=player_embedded Ben Dover (America)

      Whoooa! ‘Fonestar’! 1) A return to the ‘gold standard’ isn’t good for the common man – why? Because only the world’s wealthiest, and the world’s central banks own the most gold. He who has the gold, makes the rules. So, a return to a gold standard will just bring more of the same control we already have. Instead, we need a return to a US Treasury (Sovereign)-issued currency, to replace private-Central-Bank-issued ‘Federal’ ‘Reserve’ Notes (FRN’s), which merely further indebt Americans to Rothschilds and Rockefellers. 2) Kill the CFR, along with those other org.s you mentioned. Unfortunately, for us Americans, there are far too many of these three-letter organizations that don’t have the best interest of the general public in mind. Far more, than are listed here, including ABC, NBC, CBS, CNN, etc., etc., etc.

  • liberranter

    To moses737 and others who cite scripture:

    I’m with you on this, but I feel compelled to point something out that too many believers ignore: it is CHURCHES in Amerika today who are among the biggest enablers of the status quo! I certainly do not mean to imply that ALL Christian believers are consciously part of this travesty, but I can tell you from personal experience that trying to wean the average {evangelical) church congregation away from idolatry of the Amerikan State is a losing battle. Far too many are willing to put their trust in TEMPORAL POLITICAL leadership at the expense of God. Just TRY bringing up the grotesque disparity between the ideals of America’s founders as represented in the nation’s birth and the tyranny-fueled state of collapse that is Amerika today. Just TRY to inject truth into a Sunday morning church service on or just before Independence Day, when reverent idolatry of all things nationalistic and all military replaces reverence for the Word of Jesus Christ! Just TRY to broach the subject of gold as real money (the same type of money used throughout the first several thousand years of human history, as the Bible demonstrates, rather than the idolatrous paper scrip that is now the norm worldwide)! Just TRY to suggest that those who wear government-issued costumes and carry government issued weapons have LIMITED AND CONDITIONAL AUTHORITY over the rest of us, authority that can be revoked if they violate the spirit and letter of the (natural, God-given)laws to which they are bound as much as the rest of us!

    I dare say if you try to broach ANY of these topics that you will be run out of church on a rail and told NEVER TO RETURN!

    Bottom line: Until American believers in Christ rid themselves of the same toxic notions of Amerikan Exceptionalism that infect the general population of non-believers, the churches will be PART OF THE PROBLEM, NOT THE SOLUTION!

    • moses737

      Oh my Liberranter. I am somewhat lost as to what you are trying to say. Maybe its because I am reading this at 12:14 am on Wednesday and I am tired and my brain is not functioning at full capacity. However, I will agree with you that about 90% of the American churches are full of idolatry and hypocracies. And they are very materialistic and carnal (fleshly worship instead of spiritual worship).

      And that is why God said in Revelation the 3rd chapter that He would spit the lukewarm ones out of His mouth. And most of the churches do not worship God in the Spirit; but in the flesh with their natural minds. You have to be spiritual minded to please God. Yet, I am not sure that you can make the type of proclamations that you are making. Why? Because from all indication; you don’t know the Great God of the Spirit yourself. Are you born again like Jesus said that you must be in John 3 and 4?

      However, inorder to take the splinter out of others eyes; we must make sure that we have removed the beam out of our eyes first; like Jesus said. I love you for your tenacity though.

  • Maria

    moses737,

    Thanks for the reminder and helping me to keep things in perspective.

  • Gary2

    1.
    $11 Billion to $22 billion is spent on welfare
    To illegal aliens each year by state governments.

    Verify
    At: http://www.fairus.org/site/PageServer?pagename=iic_immigrationissuecenters7fd8

    2.
    $22 Billion dollars a year is spent on food
    Assistance programs such as food stamps,
    WIC, and free school lunches for illegal aliens.

    Verify
    At: http://www.cis.org/articles/2004/fiscalexec.HTML

    3.
    $2.5 Billion dollars a year is spent on
    Medicaid for illegal aliens.

    Verify at:
    http://www.cis.org/articles/2004/fiscalexec.HTML

    4.
    $12 Billion dollars a year is spent on
    Primary and secondary school education
    For children here illegally and they
    Cannot speak a word of English!

    Verify
    At: http://transcripts.cnn.com/TRANscriptS/0604/01/ldt..0.HTML

    5.
    $17 Billion dollars a year is spent for
    Education for the American-born
    Children of illegal aliens, known as
    Anchor babies.

    Verify
    At http://transcripts.cnn.com/TRANscriptS/0604/01/ldt.01.HTML

    6.
    $3 Million Dollars a DAY is spent to
    Incarcerate illegal aliens.

    Verify at:
    http://transcripts.cnn.com/%20TRANscriptS/0604/01/ldt.01.HTML
    http://transcripts.cnn.com/%20TRANscriptS/0604/01/ldt.01.HTML<http://transcripts.cnn.com/%20TRANscriptS/0604/01/ldt.01.HTML

    7.
    30% percent of all Federal Prison
    Inmates are illegal aliens.

    Verify at: http://transcripts.CNN..com/TRANscriptS/0604/01/ldt.01.HTML
    <http://transcripts/ ..” href=”ht! To://CNN.Com/TRANscriptS/0604/01/ldt.01.HTML%3E” >

    CNN.Com/TRANscriptS/0604/01/ldt.01.HTML%3E <" href="http://CNN.Com/TRANscriptS/0604/01/ldt.01.HTML%3E

    " href=""

    8.
    $90 Billion Dollars a year is spent on
    illegal aliens for Welfare & social
    services by the American taxpayers.

    Verify
    at: http://premium.cnn.com/TRANSCIPTS/0610/29/ldt.01.HTML

    9.
    $200 Billion dollars a year in suppressed
    American wages are caused by the illegal
    aliens.

    Verify
    at: http://transcripts.cnn.com/TRANSCRI

    13.
    In 2006, illegal aliens sent home
    $45 BILLION in remittances to their
    countries of origin.

    Verify
    at: http://www/. rense.com/general75/niht.htm ;

    ; ” href=http://www.rense.com/general75/nihthtm%3E;!

    14.
    The Dark Side of Illegal Immigration:
    Nearly One million sex crimes committed
    by Illegal Immigrants In The United States ..

    Verify
    at:http: // http://www.drdsk.com/articleshtml;

  • http://www.amazon.com/Psychological-Warfare-New-World-Order/dp/0932367232/ref=sr_1_1?ie=UTF8&qid=1310394551&sr=8-1 Ben Dover (America)

    What can Americans do to fight the New World Order?

    1. Turn off or throw away your T.V.
    2. Think for yourself.
    3. Question all so-called ‘Authority’
    4. Get out, and/or stay out, of debt!
    5. Use cash, trade or barter as much as possible, rather than debit cards and credit cards
    6. Get rid of grocery store ‘discount’ cards –grocery stores provide this information to insurance companies.
    7. Bank at a Credit Union, or any alternative to the ‘TBTF’ Banks, that participated in the 2008 Banker Bailout.
    8. Invest as much as you reasonably can in precious metals – especially silver.
    9. You have the right to own a firearm, to protect yourself,and your family. Read the 2nd Amendment.
    10. Buy products “Made in America”
    11. Start your own garden
    13. Meditate or pray – reduce your stress!
    14. Get exercise!
    15. Read a book (here is an excellent book recommendation: Psychological Warfare and the New World Order:The Secret War Against the American People
    http://www.amazon.com/Psychological-Warfare-New-World-Order/dp/0932367232/ref=sr_1_1?ie=UTF8&qid=1310394551&sr=8-1 )
    16. Listen to soothing classical, jazz, ambient, or other alternative music
    17. Watch ‘Freedom to Fascism’–a film by Aaron Russo (can be found here: http://www.youtube.com/watch?v=lUpZhhbKUBo)
    18. Watch ‘Why We Fight’–a film by Eugene Jarecki (can be found here: http://www.youtube.com/watch?v…r_embedded)
    19. Watch ‘Endgame’–a film by Alex Jones (can be found here: http://www.youtube.com/watch?v=x-CrNlilZho)
    20. Below is advice from John Perkins’ book, entitled THE SECRET HISTORY OF THE AMERICAN EMPIRE (The Truth About Economic Hit Men,Jackals,And How To Change The World), pp. 322-329.

    “AVOID SHOPPING AS ‘RETAIL THERAPY’ (Instead, jog, meditate, read, or find some other solution).
    SHOP CONSCIOUSLY – if there is something you must have, purchase items whose packaging, ingredients, and methods of production are sustainable and support life.
    MAKE EVERYTHING YOU OWN LAST AS LONG AS POSSIBLE
    PURCHASE AT CONSIGNMENT AND THRIFT STORES –where everything is recycled.
    Write letters telling Monsanto, De Beers, ExxonMobil, Adidas, Ford, GE, Coca-Cola, WALMART, and other labor exploiters and environment destroyers
    why you REFUSE TO PURCHASE FROM THEM.
    CUT BACK ON OIL AND GAS CONSUMPTION!
    DOWNSIZE (your car, home, wardrobe) – everything in your life (and don’t buy what you don’t need)
    SUPPORT/SEND MONEY only to non-profits, radio stations, and other organizations that promote JUST causes.
    VOLUNTEER your time and energy to such organizations.
    SUPPORT LOCAL MERCHANTS
    ENCOURAGE stores to buy from local growers, producers, and suppliers.
    Shop at your LOCAL FARMERS’ MARKET
    AVOID DRINKING WATER THAT IS FLUORIDATED (only your toothpaste should have non-industrial fluoride)
    INSIST that those who use your money – banks, pensions, mutual funds, companies – make socially and environmentally responsible investments.”
    21. Invest in precious metals (especially silver).
    22. Research every company whose products or services you buy
    23. Research every organization to which you donate your hard-earned money
    24. Vote with your dollars!
    25. Watch ‘The Secret of Oz’– a film by William T. Still (can be found here:http://www.youtube.com/watch?v=swkq2E8mswI)
    26. Get prepared for when the U.S. dollar TOTALLY COLLAPSES – You’ll need 1) Water, 2) Food, 3) Vital Medicine 4) First Aid Kit, etc.
    27. Global, non-violent, NON-COMPLIANCE is the answer, of We the Plebs, to the ‘elite’ New World Order!
    28. Find alternatives to EVERYTHING that they’ve set up, to entrap you in THEIR system.
    29. What would happen if 200 MILLION AMERICANS refused to pay their taxes, in 2012? (Just a hypothetical question)
    30. Familiarize yourself with the concept of BOYCOTT
    31. Corporate Membership in the CFR (Council on Foreign Relations):
    http://www.cfr.org/about/corporate/roster.html
    32. Don’t ever join a ‘secret’ society
    33. Watch ‘Global Warming or Global Governance’ (http://www.youtube.com/watch?v=_u81qXOYfKg )
    34. Educate yourself. Thomas Jefferson: “If a nation expects to be ignorant & free, in a state of civilisation, it expects what never was & never will be.”

    Expand the above list,and share it with everyone you know!

  • http://www.youtube.com/watch?v=wUl6aFgL41U&feature=player_embedded Ben Dover (America)

    Do you know WHY this is happening to America? It’s happening BY DESIGN. EU/US Central Bankers are the enemy of people, everywhere around the world:

    Keiser Report: Mass Psychosis (E167)
    http://www.youtube.com/watch?v=wUl6aFgL41U&feature=player_embedded

  • http://landdestroyer.blogspot.com/2011/02/real-revolution.html Ben Dover (America)

    Naming Names: Your Real Government (When dark deeds unfold, point the finger in this direction).
    by Tony Cartalucci
    http://landdestroyer.blogspot.com/2011/03/naming-names-your-real-government.html

    The Real Revolution
    http://landdestroyer.blogspot.com/2011/02/real-revolution.html
    “Boycott the globalists, cut off their support, undermine their system, and they lose their ability to commit these atrocities. That will be a real revolution and it can start today. Not burning cities and masked rebels waving flags, but communities no longer dependent and fueling a corrupt system we all know must come to an end.”

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