The Beginning Of The End
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Epic Failure: The Supercommittee Was A Super Joke

Does anyone need any additional evidence that our political system is completely broken?  The bipartisan congressional supercommittee that was given two months to come up with at least $1.2 trillion in deficit cuts over the next decade has failed to reach an agreement.  It is an epic failure and a national embarrassment.  The truth is that they never even came close to an agreement.  In fact, as you will read below, the two sides on the panel have been barely even talking to each other.  In the end, the supercommittee was a super joke.  Meanwhile, the U.S. national debt has passed the 15 trillion dollar mark and we are facing trillion dollar deficits as far as the eye can see.  We are heading directly for a national financial disaster, and our “leaders” seem powerless to do anything about it.

According to the supercommittee’s rules, any plan would have had to have been submitted to the Congressional Budget Office by Monday in order to give the CBO 48 hours to analyze how much the plan would reduce budget deficits over the coming decade.

When the supercommittee was announced, it made headlines all over the world, but now it is ending with a whimper.

The supercommittee was never a good idea in the first place, but you would have thought that they could have come up with something over the course of two months.

But instead all they are giving us are a whole bunch of excuses and a whole lot of hot air.

What a joke.

Is it really that difficult to come up with $1.2 trillion in cuts over a decade?

It isn’t as if they would even be cutting very deeply.  $1.2 trillion in cuts would not even cut the budget by $150 billion a year.  We would still be talking about trillion dollar deficits way into the future.

But instead of agreeing to some token cuts, they have chosen to do nothing and to blame each other.

So now $1.2 trillion in “automatic budget cuts” will go into effect starting in 2013.  But even that $1.2 trillion figure contains a lot of “fuzzy math”.  For example, it includes $169 billion in “projected savings” from “reduced interest costs” on the national debt.

I would love to see how they came up with that figure.

In any event, the truth is that none of these numbers really matter at all.

Why?

None of the budget cuts go into effect until after the 2012 election.  That means that this Congress can vote to repeal the automatic cuts well before then.

Some in Congress are already pushing for this.  For example, U.S. Senator John McCain said the following recently….

“It’s something we passed. We can reverse it.”

Or, even more likely, once the new president and the new Congress are elected in 2012 they will almost certainly choose to abandon this agreement.

When it comes to politics, the only thing that matters is what happens before the next election.

All of this talk of future cuts is just an illusion.  When the next president and the next Congress come to power, they will want to do their own thing.

So after all of the huffing and puffing over the last couple of years, what has actually been accomplished as far as reducing our horrific budget deficits?

Not much at all.

We racked up a $1.3 trillion budget deficit during the fiscal year that just ended, and this fiscal year we will be somewhere in the same neighborhood.

We have been living in the greatest debt bubble in the history of the world, and at some point all of this is going to end very, very badly.

The total amount of debt in this country (government, business and consumer) has been rising much, much faster than our national income has.  If you don’t believe this, just check out this chart.

In particular, government debt is totally out of control.  When Barack Obama first took office, the national debt was 10.6 trillion dollars.

It is now over 15 trillion dollars.

We are in debt up to our eyeballs and we desperately need our leaders to do something about it.

But according to a recent Politico article, the members of the supercommittee haven’t even been talking to each other….

The supercommittee last met Nov. 1 – three weeks ago! It was a public hearing featuring a history lesson, “Overview of Previous Debt Proposals,” with Alan Simpson, Erskine Bowles, Pete Domenici and Alice Rivlin. The last PRIVATE meeting was Oct. 26. You might as well stop reading right there: The 12 members (6 House, 6 Senate; 6 R, 6 D) were never going to strike a bargain, grand or otherwise, if they weren’t talking to each other. Yes, we get that real deal-making occurs in small groups. But there never WAS a functioning supercommittee: There was Republican posturing and Democratic posturing, with some side conversations across the aisle.

Can you believe that?

Could it really be true that they have not met since November 1st?

Is Congress really that much of a joke?

According to Real Clear Politics, the approval rating for Congress is sitting at about 12 percent right now.

After this, it may get even lower.

Instead of working on a solution to our problems, the members of the supercommittee have been busy going on television and telling us who to blame.

The following is a short exceprt from a recent article in the Washington Post….

Republicans on the supercommittee held a conference call Saturday morning, and aides said members from both parties continued to talk by phone. But neither side was predicting a last-minute breakthrough. Instead, seven panel members booked appearances on the Sunday talk shows, as both sides readied their best arguments for why the other is at fault.

Our politicians are obsessed with finding someone else to blame and with getting ready for the next election.

Meanwhile, the ship is going down and people are starting to panic.

And this is not going to look good to the rest of the world at all.  There is a very real risk that one of the other major credit rating agencies will decide to downgrade U.S. debt.

The second downgrade of debt is often more important than the first.  When the first downgrade happened, U.S. debt still had a AAA rating from the other two major credit rating agencies.

But after another downgrade, the average credit rating of U.S. debt will be less than AAA.  That will mean that U.S. debt will no longer be a cash proxy.  A lot of transactions that take place right now in the financial world would not be able to happen if that takes place.

So what do our leaders need to do?

Well, the truth is that we should recognize that they are in a really, really tough position.  Decades of nightmarish decisions have left us out of good options under our current financial system.

The reality is that members of Congress are damned if they do and they are damned if they don’t.

This is what I mean – if we don’t deal with our national debt now, everyone agrees that a massive day of reckoning is coming down the road.  Greece is an example of what happens when debt catches up with a nation.

However, if we did cut the federal budget very deeply right now, it would almost certainly bring on a huge economic contraction.

Right now, insane federal spending is one of the only things keeping this economy afloat.  If you were to suddenly pull half a trillion dollars (or more) of federal spending out of the economy, it would have a devastating impact.

A lot of people out there correctly argue for a huge reduction in federal spending, but they greatly underestimate the amount of pain that it would cause.

Let there be no doubt, all of this federal debt has enabled us to enjoy a “false prosperity” for several decades, and when we dramatically cut back on spending a lot of that “false prosperity” is going to disappear.

Our “real economy” is rapidly being gutted and America is becoming poorer as a nation every single day.  One way that we have been making up the difference is by going into almost unbelievable amounts of government debt.  When the government debt bubble pops, the pain is going to be enormous.

If you do not believe this right now, you will believe it soon enough.

Not that we should keep going into huge amounts of debt.

Every dollar that we “borrow” is actually being stolen from our children and our grandchildren.

In fact, that is what Thomas Jefferson believed.  According to Jefferson, when the federal government borrows money in one generation which must be paid back by future generations it is equivalent to stealing….

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

We have got to stop stealing from future generations.  If they get the chance, they will curse us for what we have done to them.

Anyone out there that supports our current system of running endless budget deficits is supporting a horrific crime against our children and our grandchildren.

But once again, we all need to clearly understand that when the borrowed money stops flowing out of Washington D.C., our economy is going to get much worse.

Are you prepared for the unemployment rate to double?

Are you prepared for foreclosures to soar to unprecedented heights?

Are you prepared for economic pain unlike anything you have ever seen before?

According to the New York Times, there are 100 million Americans that are either living in poverty or that are considered to be among the “near poor” right now.

So how bad will things get if we plunge into a depression?

Anyone that believes that we can drastically cut the federal budget and improve the economy at the same time under our current system is not being rational.

Just look at what is happening to Greece.  They implemented substantial budget cuts (although not nearly big enough to bring them to a balanced budget) and they have plunged into a nightmarish economic depression.

Right now, we are in a position where we are going to experience a horrific amount of pain whatever we do.  If we keep piling up debt at this rate we will experience a nightmare, but if we pop the debt bubble and try to live within our means we will also experience a nightmare.

There is a way out of this, but our politicians are not talking about it.  As I have written about previously, if the federal government abolishes the Federal Reserve and starts issuing debt-free money, we could eliminate our federal budget deficits, cut taxes and improve the economy all at the same time.

But nobody is even talking about debt-free money.

Instead, all of our politicians are talking about “fixing” the current system.

Well, let me tell you, it is impossible to solve our problems under the current system.  If we insist on maintaining our current debt-based financial system, it will only end in a massive amount of pain.

The American people need to get educated about our financial system.  They need to learn that the Federal Reserve and the debt-based currency that they issue are at the very heart of our economic problems.

Back in 1913, prior to the passage of the Federal Reserve Act, the national debt was only about $2.9 billion.

Today, our national debt is over 5000 times larger.

Debt-based central banking is a perpetual debt machine.  It is at the heart of our financial problems and it is also at the heart of the financial problems that Europe is experiencing.

Unfortunately, the American people don’t understand this, and there are virtually no politicians out there that are even talking about this.

Very dark days are ahead for America.

You had better get prepared.

  • Gary2

    The same thinking and people that caused the problem will of course not be the same who will solve the problem. This is why I am so upset that Obama surrounded himself with Guithner, Sommers, Holdre etc.

    • Christian for Israel

      I completely disagree… the people that created this problem will be the one’s who come up with the solution. The “Elite” wants a One World Order and Currency and the only way to bring that about is to create a world wide financial collapse. Things will be so bad that there solution will be widely accepted across the world. They create the problem and then the solution to fit there agenda.

      • Janet

        You are right on the target.

  • Patrick
  • Bill

    1. I agree with Gary 2

    2. Perhaps understanding the article requires the knowledge of fractional banking. We have been used (screwed) since 1933. Can you imagine selling or being paid for every apple 5 times. Yes, being paid for 4 apples that did not exist IS FRAUD !!! END THE FED RESERVE and write off all debt. Then flush what is under the beltway toilet seat and we might survive. Otherwise number 3——

    3. The apple tree may not have a crop this year.

  • 007

    These socialist Democrats are a curse on our country. These social welfare programs have been nothing but a disaster and an excuse for the evil democrats to cling to power. Socialism has been tried 109 times in recorded history and has failed. I guess we will be 110.

    Any time anyone proposes the slightest cut it is deemed insensitive to the poor. Truth is they passed these wellfare programs in the same way Madoff lied to his customers. They sold the country a bill of goods. Now they cry out to tax the rich and try to blame them for their failed promises. Truth is you could take every penny from every millionaire and it would not fund our budget for even 9 months, much less make a dent on our national debt.

    The sad truth is The public had a better chance of having Madoff take care of them than our federal government. Oh well, their are so many ignorant people that believe anything the Democrats promised. Now we are having to pay the price for their lies.

    God bless Obama, Pelosi and Reid. They are 100% responsible for this disaster.

    We are strangling our economy trying to pay for their unsustainable social programs and high taxes. We have a spending problem not a tax problem. I hope when their government checks become worthless, the poor masses hold the Democrats duly accountable and express their strong disapproval. Any RINO Republicans should likewise be thrown out of office.

    • Old Man

      I have a little uncomfortable news for you 007.

      The US Fed, the Big Money at Wall Street, and their political cronies, the neo-con ‘America Is Great’ world imperialists – the captains of American style capitalism and Masters of the Universe – are the creators, perpetrators, triggers and socialist bailoutees of this whole thing.

      Now of course you can blame the ‘socialists welfare state’, the liberals and what’s not. They are certainly a component of state failure. But they were not in the driver seat, making the major decisions of the past decade. They went along for the ride of supposedly good time. They contributed little in the way of net wealth, but they did not blow up the whole freaking economy. Now that the economy has been blown up by the mighty capitalists, of course there is no way to support existing social programs.

      Now you are a lawyer, educated. You go to a court and argue evidence, facts. Or you lose the case. The judge just threw out your case.

      But all these are in the past. Who can fix things? Not either political party. Never count on those who created the problem to fix the problem. You need a new kind of politics and thinking. But before that can emerge, existing orders must be set aside.

      • Jeremy

        Here is a little more uncomfortable news for you, Old Man…

        * Creation of the Federal Reserve was championed by a progressive not unlike today’s modern welfare democrat, Woodrow Wilson, in the 1910s.
        * Pressure exerted on the CFTC to overlook corruption in the derivates market began during the Clinton administration.
        * By a wide margin major Wall Street banks and creators (FannieMae and FreddieMac) of toxic assets contribute overwhelmingly to Democrat candidates. The same idiots responsible for the Wall Street and financial industry collapse were endorsed by both parties (Paulson, Geithner, etc.).
        * Entitlement spending during the early part of the decade still dwarfs the combined cost of the Iraq and Afghanistan wars. Budget deficits from 2000-2007 are much smaller than those from 2008 (with TARP added in) to 2011.
        * Those much more likely to gain from crony capitalist arrangements, those in the big corporations, etc., overwhelmingly donate to Democrats. Did you hear about Solyndra, for example, during the Bush administration?
        * Whether it is the Roman, Portugese, Spanish, and English empire, USA, or China, there has been a leader in the world since the Renaissance. Get used to it. While the US has done many things wrong, the capital produced under the freedoms guaranteed (of a small government framework, mind you) in the Constitution have lifted hundreds of millions out of poverty. It has almost single-handedly funded Chinese reform, European style democratic socialism, much of the innovation in the modern world, and educated most of the modern world. I find it really sad that as you, titled the Old Man, in all your years, cannot see this in your country.

        Your lawyer analogy is off as well. In a trial, the judge is the trier of facts. It is not up to you, the attorney, to decide the truth of your “facts”. You present evidence, and then the judge presents “findings of fact”, and then based on these findings of fact, makes conclusions of law.

        I will not be so arrogant as to say what I have presented is 100% factual and accurate, but it is my counter argument. It is up to the reader to decide.

  • 007

    This budget problem is so easy to solve, just use Democrat math. Claim they were going to spend an additional 1.2 trillion on wars, but now they have changed their minds. Problem solved.

    You have to admire the Democrats for their honesty and courage to deal with our national debt crisis. I hope they are watching what just happened in The Spanish elections. They are so next.

  • 007

    Speaking as a bankruptcy attorney, I very much appreciate the Democrats driving so much business into my office. Keep up the debt and drunken spending. I wonder if I am an example of one of the jobs Obama has created.

    • Michael

      LOL – business must be good for you these days.

      Michael

    • Jeremy

      LOL. Sad, but true. I start an internship at a bankruptcy firm tomorrow. Evidently the attorney has gotten a lot more business lately.

  • http://www.planorperish.com/ Gutter Economist

    “In recent weeks, the poll numbers for Newt Gingrich have absolutely skyrocketed.”

    http://endoftheamericandream.com/archives/27-reasons-why-newt-gingrich-would-be-a-really-really-bad-president

    Newt Gingrich is NOT plannnng to cut federal spending.

    http://www.washingtonpost.com/wp-srv/special/politics/gop-plans-compared/

    Go figure!

    “How does a country end up 15 trillion dollars in debt?”

    (1) Promise voters lower taxes and other benefits to get elected.

    (2) Engage in deficit spending to deliver the goods and get re-elected.

    (3) Reduce tax revenue by sending jobs offshore.

    (4) Engage in serial wars financed with deficit spending.

    • Old Man

      Your 4 points are of course true. In fact there are a few more I can add.

      But there is no point belabor the points. During the 2 decades of financial madness, people had a most splendid time. Many even knew the chicken will return… But nobody cared. So there you are – you win some you lose some.

  • 007

    We are going to have to either pay back all of this debt or pay for it dollar for dollar through inflation. Everyone really needs to hope the world economy does not improve. The only reason our dollar and bonds are keeping their value is because people are scared to death and don’t know where else to put their money. Like our debt, the dollar and our bonds are unsustainable. The first sign that there is anywhere else safe to put their money, it will spell doom for the dollar.

    The Irony of the situation is that our bonds are the most irrational place to park peoples money. It is like people afraid of drowning, jumping on the titanic.

    The American dollar and U.S treasury notes. The biggest bubble in history.

    • Ughhhhhh

      You are sooooo right. When those bubbles burst its going to be hard on some of us!!!

    • Larry

      007 it is even hard to buy gold without being robbed of your money. Have you been keeping up with what happened to Gerald Celente. Go to You Tube and search for Gerald Celente and watch his videos of the last few days. Basically he had an account with MF Global that he used to buy gold. When they went bankrupt he lost over $100,000 in his gold account. He is fighting mad. Cannot blame him. On CNN today: More than $1.2 billion in customer funds may be missing from bankrupt brokerage MF Global, nearly twice previous estimates, the trustee administering the firm’s bankruptcy said Monday.
      Some of that was Geralds money.

      • 007

        I’ve been watching. MF Global has apparently spent a ton of it’s customers money wrongly. This should be a much bigger story. However, Corzine is a Democrat cronie so no one is complaining.

        Gold is up 25% this year. It will continue to be a good investment. However, this Europe crisis is going to drive the dollar up and gold down for a short time. I believe it is a good time to stay totally liquid until the ECB starts printing more money.

  • Highspeed

    Michael,
    You wrote, “There is a way out of this, but our politicians are not talking about it. As I have written about previously, if the federal government abolishes the Federal Reserve and starts issuing debt-free money, we could eliminate our federal budget deficits, cut taxes and improve the economy all at the same time.”

    My question to you is, Why do you think that statement is true? Is it because the current administration is deliberately trying to wreck the system, or are they just that stupid. I think it is the former. I do believe they would like to usher in a new one world government, but I think they will fail at this period in time, unless we all kill each other for a piece of bread.

    • Michael

      I think most of our politicians have been produced by the establishment that controls our financial system. Yes, many of our politicians are just incompetent and many of them just care about themselves. But there are some of them that are totally sold out to the “system”.

      Michael

  • tappedops

    Lets not go overboard here… “problem , reaction , solution” is nothing more than a “think-tank” theory… and has never been proven to be real or even pheasable… ask any Ford foundation or CFR TT member… they will tell you that there natural reaction is to address the problem and create a viable solution… wordsmithing *************…

  • godsofold

    Michael I have a question for you. In several of your articles you’ve stated that our elected officials seem powerless to fix either our government or our economy. Given the fact that our politicians are supposed to be some of the most intelligent people alive, wouldn’t it be safe at this point to say that they’re obviously either completely incompetent or purposely sabotaging our way of life on purpose? And in either case, they should all be fired or tried for treason.

    • Michael

      It is an interesting question. I think that some of our politicians are corrupt, some are deeply incompetent and some are totally sold out to the “system”.

      In the end, there is not much hope on the horizon.

      Michael

      • A.S.

        You really think so? I think ALL OF THEM except RON PAUL are highly intelligent, thus perfectly knowing what they are doing: milking the system at our expense, the hard-working-to-death taxpayers, and enjoying the high life (as you have written about many times). Their incompetence is on purpose! Even an hones, law-abiding 10-12 yr old could do a better job than most of them, and without any training as a politician, economist, lawyer, etc. All you need is basic intelligence and morality. So, it stands to reason, they really are doing all it on purpose: to maximize their own profits, no matter who it hurts!

        • A.S.

          I didn’t mean to imply RON PAUL is not intelligent; he is the MOST intelligent. What I meant was that ALL OF THEM except RON PAUL are faking incompetence.

  • ScoutMotto

    This is “hope and change.”

    Are we ready for four more years of it?

  • michelle

    it’s all getting wiped clean. The debt will never be paid. It can’t.. So it won’t…

  • Nathan Hale

    O’bomber is a CIA manchurian candidate, dude! since 1963, every single son of a beyotch in power here has been a CIA MANCHURIAN CANDIDATE!!!

    CIA works for Messrs. Rothschilds in London.

    so does U.S. Treasury, more or less the FED.

    what did you expect? ever read that one Ann Lander’s story about the little girl who found the wounded rattlesnake and nursed it back to health?

    read it. that’s your government.

  • Orlando Tumacder

    Ron Paul has been talking about this issue for decades.

  • ThePlan

    This is a rouse so that people will loose faith in democracy

    The next step is really scary – the largest war machine in history prone to a takeover!

    • ScoutMotto

      I lost faith in democracy the day I found out how it ends – in dictatorship. However, our nation is not supposed to be a democracy. It is supposed to be a republic, and was originally set up so. Subsequent amendments have destroyed any sense of a republic we once were. Get rid of the 14th, 16th and 17th amendments, and we will be on our way to being a repulbic once more.

  • Observer

    And this is Without a probable Israeli strike on Iran, that will skyrocket oil prices. With a possible new war after that.

    Its the perfect, perfect storm.

    We

    Are

    ****ed

  • http://politicsandfinance.blogspot.com Michael Haltman

    Although my piece was not as in-depth, the fact that these “leaders” are the best that both political party’s could offer up, and at the end of the day this failure to compromise is the best that they could do, is an extremely sad commentary of the state of the union.

    Keep up the great work!

    Mike
    The Political Commentator
    http://politicsandfinance.blogspot.com/2011/11/congressional-super-committee-in-spirit.html

    • Jeremy

      It comes from decades of dumbing down our children in primary and, for the most part, secondary education.

      Michael, I would be interested to see you write an article on the state of US education.

      • Michael

        Jeremy:

        I think that would be a good article. I have written about college quite a bit, but the failure of our public school system would be a good topic to explore.

        Michael

  • Tom

    Would you want this same CONgress, the CONgress whose members can only argue about MORE spending and never less, to be able to print money ?? {{{shudder}}}

    While I agree that debt-free money is the only way for a nation to be free, we will be inflated into penury with debt-free money if we can’t find CONgress people who can stop spending.

    We’re just screwed.

    Let it all crash and burn, and let people understand in a painful way what overspending does to you. Then maybe responsibility will return.

  • liberranter

    Of course it was a failure. It was never intended to be anything else. It was all window dressing, designed to fool gullible sheeple who never seem to learn anything from the history staring them right in the face.

  • shypuffadder

    The only thing Congress can do is mislead the citizenry. They have very highly paid professionals tell them exactly how to do it and what to say. We are going to continue down this awful road until we have nothing left to be taken. After EveryThing has been taken from us, from ALL of us, the civil unrest will begin in earnest. The plan is, we can riot in the ruins until we are too hungry and too weak to stand up. What will be clear is that Dem and Repub arguing about what happened in the past will be completely moot, and we will realize that we somehow completely missed our chance to improve our lot going forward. The cast system begins… 99% of us won’t like it one bit.

    What can be done about this supercommittee superfailure? Not one thing – that’s the genius of it. The so-called “government” takes from us now, and promises us something later. We haven’t realized yet that those promises never materialize.

    Listening to the “news” this morning about the superfailurecommittee, it sounds like taxes were going to be raised on everybody – which they refused to do. Nobody remembers that taxes were going to be raised only on the millionaires and billionaires? Congress is just a bunch of greedy jokesters that knows they can ram anything down our throats.

  • Cynical

    It’s hard to watch, even from another country, how incompetent Washington is, either through a lack of brains or more likely willpower, and personal interests.

    This political system is a joke. A bunch of overpaid debt junkies living in denial, short sighted and ultimately ruining a former superpower and dooming its people. Greed is good?

  • Tom

    Abolishing the Federal Reserve and issuing debt free money would be a way out of this? Wouldn’t we still have the $15 trillion debt and the unfunded liablilities debt? Unless you mean just default but that would bring a bunch of problems of it’s own.

    • Michael

      Tom:

      As I have written about previously, under a debt-free money system it would be possible to start paying down the national debt very slowly.

      There would be “bumps in the road” under such a system, but it surely would be preferable to the alternatives that are staring us in the face right now.

      Michael

  • http://MoneyedPoliticians.net Jack E Lohman

    I am an absolute dummy when it comes to budget balancing. Same for climate change and banking regulations. But I rely on my trusted House and Senate politicians to control these, and I pay them a salary. But they receive even more in cash bribes (campaign contributions) to ensure that the system remains broken and the wealth continues flowing to the top. I’d be much happier if we passed public funding of campaigns so we could put political corruption behind us, and get these b*stards working for us rather than them.

    Jack Lohman
    http://MoneyedPoliticians.net

  • John

    Ron Paul 2012!!!

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

    Ya wanna hear something hilarious? One of the super committee members thinks taxing the 1400 millionaires that didn’t pay any tax last year is job one. I will show why these people, mostly lawyers, cannot pass an elementary grade math class. Really. http://thecivillibertarian.blogspot.com/2011/11/super-committee-idiots-more-math.html

  • http://www,Back2theLand.com Old Timer

    This was another smoke and mirrors to side track issues at the time. Just like the EU issues it is all delaying tactics while the last drop of bood money is squeezed from the populace. When you see and hear repetitive patterns over time-years in fact, you will note that what is mouthed today was the same for decades.

    Yet the populace just buys into instant fantasies of gratification while the pretense of emotion of hate mongering goes on between political parties. However at the end of the day, they all sit down and have a drink toegether, and play golf together etc. The populace is trained to accept the con.

    I would suggest that politics is licensed and sanctioned socialopothy in that there is always a hook of a promise (the con) and a deliberate plan to releive you of what ever they are after. It was once quoted back in the 1920’s: “Beware of the smileing stranger.”

    No one wants to face issues and make changes-that is the bottom line.

    Old Timer.

  • Pitchfork Ready

    There’s alot of pain coming either way. A deflationary depression would be terrible but once the bad debt was purged the economy would eventually recover–and hopefully that would be a sustainable recovery.

    A hyper inflationary depression would destroy the country. We’re talking Mad Max, fighting in the streets, revolution, and probably even Civil War. In the end The United States as we now know it would cease to exist.

  • http://www.povertylinejournal.blogspot.com/ the optimist

    Instead, seven panel members booked appearances on the Sunday talk shows…

    Okay, that made me laugh out loud. It is the heart of what they are all about.

  • Prepping for the Future

    Here is book full of survival tips. Grid Down http://www.amazon.com/Grid-Down-Reality-Bites-survive/dp/1460980387/ref=sr_1_1?ie=UTF8&qid=1320240414&sr=8-1

    It the size of college text book well worth the money.

  • Steve

    I’ve been feeling kind of depressed lately and i finally figured out why, the country that i love, the country that i took an oath to defend and die for if neccesary is being destroyed not by a foreign gov’t but from within. May our children forgive us.

  • Csaba

    I been following your blog in the past few weeks & I can honestly say that agree with all of you posts every time ! I think you are right on the dot with our current situation. My only issue is that most people are just spectators & a lot of them think that ” worst will never come” & “that can’t happen to us” & we are watching what happens all around Europe & other coutries but we forget that in europe people are used to it being shitty they know how to adjust to it, here in the states we are not & until something bad happens we don’t believe in it !!! I think a lot of people are up for a big surprise !! Thank you for your blog at least a few of us will be ready !!!

    • Michael

      Csaba:

      Thank you for the kind words. But you will probably eventually find something that you disagree with, and that is okay. :)

      Michael

  • William

    The system of governance in America is BROKEN. The only solutions are:
    1) ************* rebellion, or
    2) voting OUT of office 98% of the US Congress.
    I do not advocate violence, and support #2. With the corrupt system in place for electing members of the Congress, it is difficult to see how change can occur. Perhaps the best way is to just vote against incumbents.

  • knightowl77

    If you expect a marxist to solve your financial problems then you really are smoking crack…Obama is every bit a member of the establishment as was GWB….Party does not matter.. Obama is just a lefter wing version of Bush…Both libs..

    You need to find someone who deosn’t care about party, like Ron Paul

  • frank v

    @Gary2:

    The same thinking and people that caused the problem will of course not be the same who will solve the problem.

    Of course, the problem is not meant to be solved. It’s a debt system from which there’s no escape. It continually creates liabilities out of nothing and then uses these to suck the real wealth from the people who generate it.

    Debt-based phantom finance has to end. It’s easier than most people think, as no deception, once exposed, can possibly survive.

    The two economies:
    1) Negative, debt-based (central banks) created out of thin air.
    2) Positive, wealth-based (the working population) created by toil & enterprise.

    Most people, once they grasp this can clearly see who’s working for who. Obvious, isn’t it?

  • Steven Cox

    There is ONE (anti)politician who has addressed every point you have made ever since Nixon turned us into Keynesians in the early 70’s.

    Of course I’m referring to RON PAUL the ONLY candidate with the intelligence to reverse the direction of the “ship of fools” and usher in a new era of Austrian economics and a true economy.

    RON PAUL 2012

    • D

      They will make sure he *********** before he gets too far.

    • mondobeyondo

      In all honesty, I don’t know if Ron Paul will be able to survive the mainstream media juggernaut. It’s going to be Perry, Romney, maybe Cain, and possibly Palin, if she decides to run.

      You’re going to see Perry and Romney EVERYWHERE. Meet the Press. CBS Sunday Morning. 20/20. Dateline. Nightline. Flatline. 60 Minutes.

      Good luck finding Paul anywhere on mainstream TV.

      • Jeremy

        You have seen Ron Paul on CBS Meet the Press (the show with Bob Schieffer) and Hannity. It may just be that most people do not think Paul is the answer.

  • Christian for Israel

    I believe that this Super Committee was just a “dog and pony show” for the public. They were not meant to solve our debt issues and besides how does cutting 1.2 trillion over 10 years solve anything when we borrow more than that in 1 year? To fix our financial mess we need to cut our spending by 2 trillion every year in order to stop borrowing and start paying off the DEBT inself. This will never happen because that means we would have to overhaul the Social Security, Medicare/Medicaid Programs and cut Defence.

  • Dave

    We are getting set for massive money printing and hyperinflation. Buy silver as a hedge and to protect your net worth. Only buy physical silver that you can hold in your hand!!

    • Michael

      Dave:

      Actually I believe that we are going to experience a deflationary period first before the money printing happens.

      But I could be wrong. :)

      Michael

      • 007

        I think you are right. This Euro mess is going to drive the dollar up and commodities down for a period of time. It still makes sense to buy the dips in gold and silver. However, with the chaos In Europe it will drive the dollar up until the ECB sells out and monetizes all the European debt.

        • Michael

          And over the long run gold and silver will go much higher. But people need to be prepared to handle dramatic short-term fluctuations.

          Michael

  • Okie Dan

    If you want a supercommittee to work, here is what we would need. Take all adult names in America, put them in a hopper and draw out the committee members’ names randomly. It would be a sort of civil jury pool. Give them the assignment of coming up with a plan. They are sequestered and can’t return to work, family, or friends until a plan is adopted. It would take less than a week, and there would be no lobbyists. Of course, D.C. would be against it because how could something work without bought and paid for representatives and senators meeting, downing martinis, and having their share of corrupt entertainment.

  • Silver Bean

    Does the failure of the committee really surprise anyone?

  • http://alternativeeconomics.wordpress.com Carlos

    Enjoyed your article, particularly interested in the part about deft free money. Most interesting that it is never discussed in MSM.

  • Rick

    It’s no small wonder why this Congress has only a 12% approval rating; it’s well deserved. The nation needs to pare down the debt right now. Moreover, the country is currently in a Depression any ways so it’s hardly going to matter if federal spending is slashed. If the politicians fail to address the budget in a meaningful way, the markets will decide it for them.

  • Jeremy

    I give you credit, Michael. You called this in August.

    • Michael

      Thank you – but it was not hard to see that the supercommittee was destined for failure. :)

  • PUNKY BREWSTER

    Michael,

    SURELY YOU DID NOT EXPECT ANY OUTCOME OTHER THAN FAILURE FROM THIS AMERIKAN EMPIRE BASED “SUPER-COMMITTEE”?:

    Debt free money? How on earth do you propose to get to debt free money unless it is back by gold at between 3,700 – 44.000 dollars an ounce? And this is dependent upon what metric one uses, such as the M0, M1, or M2 money supply and it also upon how many countries participate in a new currency backed by gold. Not that a Fiat currency is the best idea or even a good idea, but debts are the result of two primary maladies:

    1. Spending way beyond one’s means on things that are not essential such as war, junk electronics, and other “consumer goods”, corporate subsidies, and loan-shark banker bailouts

    2. Using government and corporate power to drastically increase the unemployment rate. When importing illegal aliens (insourcing) and sending all decent pay jobs to other places overseas (outsourcing) where slave labor wages are the norm, only government transfer payments such as unemployment insurance, medicaid, food stamps, WIc, etc., etc., will keep the populace from mass revolt, so it was thought until now.

    As no other outcome was possible, its failure was completely predictable. You have an unaccountable plutocratic government combined with an unaccountable corporate oligarchy to create what is now the fascist, kleptocratic asylum police state of amerika. As such it is completely ungovernable, and that is why this so-called “Super-Congress” was destined and doomed to failure.

    • Michael

      A debt-free money system would not be perfect, but it is our best chance to get out of this current mess.

      Michael

      • PUNKY BREWSTER

        Michael,

        I am not dismissing your idea out of hand, not at all. I am asking you how would you go about implementing your idea of debt-free money backed by gold? (I assume you would back this new debt-free currency with gold, would you not?)

        • Michael

          I would look at going to “hard money” after we have had a transition during which we eliminated our current national debt. This would take a number of decades, but I feel that it would be criminal of us to pass this debt on to future generations. We created this mess and so we need to clean it up. I realize that there are many that disagree with me.

          I fleshed out my ideas about debt-free money more in this article….

          http://theeconomiccollapseblog.com/archives/14-reasons-why-we-should-nationalize-the-federal-reserve

          Michael

  • mondobeyondo

    The “supercommittee” turned out not to be quite so super after all.

    Just like the rest of Congress, they just can’t seem to get it together. Of course, if they were debating serious issues, such as “a resolution to cut the pay of all members of Congress by 2/3rds by 2013″, you bet there would be an agreement! It wouldn’t even take a supercommittee. Such a bill would be voted down in half an hour.

  • Dan

    Michael,

    Have you ever read Sir Arthur Conan Doyle’s Sherlock Holmes books.

    The fictional character Holmes had a saying…”when ever you eliminate the impossible, whatever remains, no matter how improbable must be the truth”.

    It is impossible that all these politicians in government at all levels could be as ignorant and incompetent as they seem. Impossible that they can not see what the free-trade, and deficit spending, and endless wars are leading to.

    What remains? That it is deliberate and by design! Treason by these puppets, obeying the dictates of puppet-masters behind the scene.

    Engineered crisis and desperate people in order to seize more control over the masses.

    The only real question is whether the American people can awake from their virtual comas and resist the urge to panic…and return to limited government.

    I am not optimistic because not a single group or faction is willing to give up one penny of “their” various and sundry “benefits” no matter how comfortable they are now…and despite the fact that the “money” comes in the form of theft from the productive and debt slavery (eventually) for all!

    The 1.2 trillion over ten years that they considered amounts to 120 Billion a year and that is about 3% of the current budget.

    There is probably not a single person or program…even the poorest person in this country that could not survive a 3% cut.

    Millions could take a 10% cut and it would involve eating out less, keeping the car another year, skipping a vacation, or some rounds of golf!

    Instead even the most affluent seniors, Government workers, and other recipients of Government largesse will drive the Country to bankruptcy and risk losing it all.

    Ron Paul has a workable plan to cut $1 Trillion the first year if elected, and it would be painful (to some) but doable, and he is ridiculed and ignored.

    So collapse is virtually certain and it is only a question of when!

    • Michael

      I like that – ”when ever you eliminate the impossible, whatever remains, no matter how improbable must be the truth”. :)

      Michael

      • REED RICHARDS

        Michael,

        Really, Michael? This line came from Leonard Nimoy as Mr. Spock in a Star Trek movie…….

        “I like that – ”when ever you eliminate the impossible, whatever remains, no matter how improbable must be the truth”.”

        • Michael

          Wherever it came from I like the line :)

          Michael

        • mondobeyondo

          It’s more true than most people realize. Simple deductive reasoning.

        • Dan

          Not that it is worth arguing about…but Doyle’s character Sherlock Holmes said it (or a close paraphrase) first in the late 1800s, way before Spock could have said it.

        • Dan

          Richard,

          Actually, it was the character Sherlock Holmes….I had to jump on-line to confirm:

          “You will not apply my precept,” he said, shaking his head. “How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth? We know that he did not come through the door, the window, or the chimney. We also know that he could not have been concealed in the room, as there is no concealment possible. When, then, did he come?”
          The Sign of the Four, ch. 6 (1890)
          Sherlock Holmes in The Sign of the Four (Doubleday p. 111)

          However, this is something you could imagine a logical Vulcan saying!!!

    • Highspeed

      Dan,
      I have talked to many seniors who would be willing to take a 10% cut to see this mess fixed. They are the reason I oppose people like Gary2 who only think of themselves.

  • Henry

    Don’t blame the politicians.
    Blame the morons that voted for them.
    One definition of insanity is ‘Doing the same thing over and over again, expecting a different result’.
    The American people have been doing this for decades.
    People, let me give you a clue: VOTE FOR ANYONE OTHER THAN A DEMOCRAT OR REPUBLICAN. WHEN YOU SEE THE ‘D’ NEXT TO A NAME, WHEN YOU SEE THE ‘R’ NEXT TO A NAME, KEEP MOVING YOUR EYES DOWN THE BALLOT AND VOTE FOR ANYONE ELSE.
    THIS IS NOT ROCKET SCIENCE!!!!!!!

    • Rick

      Henry: We can certainly vote for candidates other than Democratic or Republican, but they just won’t get elected. Even if they stood a chance, they seem to encounter an “accident” on the campaign trail (George Wallace: Maryland in 1972). Moreover, these third party candidates just do not have the financial backing as the big two party candidates.

    • REED RICHARDS

      Henry,

      Same drum I have been beating for years. Seems that messages rooted in logic fall upon deaf ears in this world, especially in amerika. Your message and mine are one and the same, the morons who keep voting for these clowns are getting what they ask for, and what they so richly deserve.

  • Antonio Gonzalez

    They can’t 10 % of deficit. And the other 90%. really
    a Joke.

  • Bill

    Hey Henry–Better yet, just leave a blank ballot. You will execise your right to vote, but also send a message that none of the above are good enough for your consideration.

  • Hide and Watch

    Not a failure at all.

    Now that we are used to the idea of the political process being taken away from our elected officials in their normal course of duty and handed to a ‘select’ (I.E. ‘hand-picked’) committee with the power and authority to userp the authority of congress we will not even put up a fuss the next time the idea is presented.

    The fact that they allowed this particular committee to ‘fail’ only adds to the disdain and dismissal the American people will have for the political process….even this new, streamlined process.

    This will be the end-run around congress much like the ‘executive decision’ is the end-run around the supreme court.

    Hide and Watch.

    • mondobeyondo

      Hide and Watch… or Duck and Cover…

  • nowwthen

    I didn’t really expect any more out of a 12 member cross section of a useless Congress than we got last summer from the whole miserable circus. Do Dems and Repubs fear that compromise will be seen as weakness and anger their customary straight ticket voters? It seems they’re too stupidly stubborn to realize that anger over compromise is nothing compared to the voting public’s boiling rage over letting our problems get worse.

    It’s time to associate incumbency with incompetence and clean house in the next elections. We often talk about throwing the bums out but invariably decide to keep our own bum. No matter if your guy got a grant for a new park or helped grandma get assistance paying her power bills or got cousin Marvin into rehab or your sister onto food stamps he or she has now been proven to be ineffective in solving the big problems that will take this whole ship down if nothing is done.

    We need a movement that strongly voices the need to clean house and hit the reset button. I’m signing up for the “Anyone But the Incumbent” party.

  • D

    “If the federal government abolishes the Federal Reserve and starts issuing debt-free money, we could eliminate our federal budget deficits, cut taxes and improve the economy all at the same time.”

    Yes, it would definitely help (and the FED knows this), but the international bankers (elite) will make sure it doesn’t happen. Any politician who tries this gets assassinated (Lincoln, Garfield, Jackson was attempted). To make life easier, the oligarchs just hand-select their puppets.

    If people start catching on earlier than suspected, they will collapse the economy and sending us to WWIII earlier than suspected. It’s already in their plans. It’s all very simple really.

  • http://goldtracker.wordpress.com/ Hal (GT)

    Yes, our Congress does appear to be that much of a joke.

    In fact I am of the personal opinion that the committee was doomed to fail from the get go. Big government is the name of the game anymore and that is my take on both parties. At least the people in the parties that have made a career of it.

  • Old Man

    Super-committee an epic failure?

    Well yes but it is working as intended.

    A $150B annual cut is just too politically painful for the politicians you elected. After all, they were elected to SPEND, not to CUT!

    Besides, the deal is if the Super-committee failed to come to a cut plan, then the cut will be done automatically across the board. They figure this is better than being blamed for cutting this or that.

    I think there is no chance Iran will be invaded. See, the politicians do not even have the courage to go to a public taxpayer toilet to do their dirty work.

    This my friend is how the USA will face the forthcoming upheaval. Everything will happen by default, on auto-pilot. The chips will fall as they see fit, and the miserable country will be what’s to be.

  • Kathy Smith

    Of course the super duper super comm. didn’t work 6 Dems & 6 Repubs all of a sudden are going to agree on something seriously. Definition of insanity doing the same thing over & over again & expecting different results.

  • brothers781

    How in the world did anyone see this as a good idea?? It was doomed to fail before it even started. Please someone tell me why anyone of these people still have their jobs????????????

  • http://southerngrandma cay

    Michael – first time posting – just finished The creature from Jekyll Island, I believe this is all planned. I recommend this book to everyone.

    • Michael

      Cay:

      Welcome to the comments and I agree with you – it is a great book.

      If people want to check out The Creature From Jekyll Island, they can find it here….

      http://www.amazon.com/gp/product/0912986212/ref=as_li_ss_tl?ie=UTF8&tag=shatteparadi-20&linkCode=as2&camp=217145&creative=399369&creativeASIN=0912986212

      Michael

      • PUNKY BREWSTER

        Michael,

        Although I agree with nationalizing the FED or abolishing it, I read the below article and there was nothing in it that suggested how you would go about your “hard money” and debt-free monetary system. You did not say how this would be done or what it would be backed up by. If this new hard money and debt-free money is not back by gold, then what is it backed by, Rice Krispies? Unless you back up any new or revamped currency with gold no new “hard money” process could ever work because it will, in essence, be just another fiat currency.

        From what I read in the below article the only thing you are offering is the standard rightwing faux news fare of lower corporate tax rates (When GE pays 0 dollars in federal income taxes I don’t know how much lower one can get than zero excepting refunds from the government) abolishing the IRS and cut government spending. While they sound nice, you will never get to that point because for as long as legalized bribes and payoffs called campaign contributions are the norm in politics, you will never see any reforms, good, bad, or otherwise………

        “I would look at going to “hard money” after we have had a transition during which we eliminated our current national debt. This would take a number of decades, but I feel that it would be criminal of us to pass this debt on to future generations. We created this mess and so we need to clean it up. I realize that there are many that disagree with me.”

        I fleshed out my ideas about debt-free money more in this article….

        http://theeconomiccollapseblog.com/archives/14-reasons-why-we-should-nationalize-the-federal-reserve

        Michael

        • Michael

          Punky:

          If we go to “hard money” immediately with no transition period, we will “lock in” 15 trillion dollars of debt for future generations.

          This is where I disagree with most “hard money” advocates. I believe that it would be criminal to pass this debt on to future generations. I believe a “transition period” of debt-free United States money would enable us to get rid of this debt without too much pain (there would be some pain) and would enable us to smoothly transition to a “hard money” system at a later date.

          I believe that my proposal is superior to everything else we are hearing out there because it would eventually eliminate the entire 15 trillion dollar debt, it would avoid a devastating economic depression, it would make us far more competitive with the rest of the world, it would shut down the Federal Reserve and it would get us out from under the clutches of the international bankers.

          Any other proposal out there that can do all that?

          Michael

        • Patriot Alice

          The same people who complain that government is too big, wasteful, incompetent, ineffective, self-serving, etc. want to nationalize the Fed. too…….Massive cuts in spending is needed, less is more especially in this case…

    • http://Andyet Michelle

      My great aunt recommended that book 20 years ago. But she also said Bill Clinton would be our last President. Go figure.

  • rockclimber

    I agree, abolish the FED, but also have a global jubilee. We need a do-over and private central banking MUST GO.

  • bruce

    Nothing will get done to fix this mess. I diagree that cancelling congress salary would make a difference. These guys are motivated by ego and power, most have more money than they can spend now. Their primary aim is get reelected and to do this you pander to contributors and the voter. This why mainstream politcians think Ron Paul is goofy, they know that if they actually adopted sound fiscal policy the;y would never get reelected.

    The spending cuts needed and the new revenue scources would alienate both groups, so nothing meaningful will be done. The country will keep down the same path until the crash whether defation or hyperinflation take your pick. Like old TV commercial about oil changes went “Pay me a little now or pay me a LOT later”

  • mark

    I am prepared and getting more prepared each month. I have food for years if need be. It is up to me to help out family,friends and neighbors. When you live miles from stores or town you learn that we can’t depend on the grocery store. I am always working to be prepared in spirit for what will happen. Most of the sheeple in our country do not understand that when you have a debt problem you can’t fix it with more debt. More debt will make the coming pain more diffcult. Yes debt fueled economy is not just hurting the future generations but we have hit the debt wall and all the stimulas in the world can’t cure our problems. There will be huge hair cuts in the bond market as this debt can’t be paid back without printing. Printing will make things even worse. The debts will go into default and not be paid back. There is only so much real wealth at a given time and the taxpayers will get tired real quick paying interest to the bond holders. The only things that could change the probblems with our economy would be smaller lower cost government and a break through in low cost energy. I don’t see either of those happening so you had better prepare for the coming collaspe.

  • http://selfsip.org Kitty Antonik Wakfer

    “[A]ll of our politicians are talking about “fixing” the current system.” So true!

    Governments (those in them, behind them and close friends of them) will do everything they can think of to stay in power. These people are less honest than robbers, because while they arrange to expropriate your money – via the threats of physical force or its actual initiation by enforcers – they insist that they are doing you a favor. A robber simply takes your money w/o any such pretense.

    The major problem here regarding the mess the US government has made of the economy in this country (and similarly in other countries by those governments) is that the greater majority of the populace has swallowed for years the propaganda the government has put out – that being that the government’s job is to “run the country”, which includes “being in charge” of the economy. You & I both know that “the economy” is really just the collection of all the transactions of monetary value between individuals. When the government becomes a 3rd party, via its almost countless number of regulations, it distorts the choices of all parties to all transactions. Even more important (and often not considered) are the choices that never become available because of government regulations. Government is the ultimate interferer and destroyer!

    Government is death to creativity even while it pretends to nurture it, because it stifles what it can’t control.

    Government is the death to self-responsibility while promoting security, because those individuals who want security above all else will both yield responsibility to and defer authority to government. When people view government as the seat of responsibility and authority they are pawns to that government, good only as taxpayers and cannon fodder.

    The technological advances have in the past ~20 years moved faster than the US government has been able to control and direct. This has enabled a growing number of young and previously ignorant older individuals to become aware of what has taken place in previous generations of government and currently. The curtain has been pulled from around the Wizard manipulating the controls of OZ. More than the original single child are crying that “the Emperor has no clothes!”.

    But the most important fact is still the biggest open secret – that the enforcers are the key to what keeps any government in operation, especially once the majority of the population realize that laws/edict/mandates/regulations/etc are a bunch of hooey, and even downright harmful. These words only become reality because there *are* government enforcers, those willing to threaten and actually initiate physical force to compel individuals to do something they would not do of their uncoerced choice. And there are plenty of instances, more each year and well documented, of enforcers initiating physical force – even to the point of death – as they enforce various “orders” from above.

    The solution to this entire situation must come from each individual – and it can because the technology exists for virtually all people to be in touch with each other. Representatives served a purpose in the past, but they are no longer necessary.
    I have provided this list before, but it warrants repeating:

    1. Do not make use of “government services” that can be obtained privately;
    2. Initiate/support cooperative efforts that replace “government services”;
    3. Do not work for or do business with governments of any form in any capacity;
    4. Preferentially associate with those who do not work for governments – positive social preferencing;
    5. Do not voluntarily associate with those who continue to work for government despite being encouraged not to do so – negative social preferencing;

    6. Last but not least – and actually primary to the preceding, Practice self-responsibility and encourage the same by all others, especially children and young people.

    It is clear that a better society is the desire of most, if not all, of the activists against government’s high taxes, privileges to some and choice-limiting regulations. However, it needs to be understood that the withdrawal of sanction and the practice of self-responsibility are both necessary for any real changes in human society which will benefit each member all at the same time. More: http://selfsip.org/focus/protestsnotenough.html

  • http://erectuswalksamongst.us/ Call Me ‘Snake”

    My question is, what on earth is going on in
    the white house? Are obummer, holder, and the
    rest laying around with their hands down their
    pants watching Espn? The silence from the white
    house is deafening! Leaders? What leaders?
    ….(tap tap….hello?….is this thing on?)

    It is truly sad what America has become. Are
    we no longer capable of accomplishing ANYTHING?
    A ‘Supercommitee’, with two months, isn’t able
    to cut $150 billion/year out of the budget?

    Was it you, Michael, that said something about
    how we were headed for WWIII, Civil War and
    an Economic Collapse all at once?

    I can’t prep enough, fast enough. We are F’D!

  • Ken

    The Unconstitutional Supercommittee waited until immediately after the markets closed to officially announce their failure. They did this so as not to upset their Wall Street Masters. But did they have to make it so blatantly obvious that this is so?

  • tappedops

    Talks cheap… dont get mad get even— take your positions of of the big 5 (or 6)banks,,, claim 9 on a new W4 (and then dont file) or shut the hell up… could you, or would you do this —NO… not guts no glory. Good slave…good boy…

  • Csaba

    Vote Ron Paul !!

  • mondobeyondo

    Well, the Supercommittee has proven they aren’t as powerful as the Justice League, or even the Fantastic Four. When you want something done, count on Spiderman. (Ha!!)

    You Supercommittee members may turn in your uniforms and capes now.

  • Steve Mawson

    perhaps you should weight the value of the 1913 national debt, as 2.9 billion then is the equivalent of 520 billion in 2011.

    not a huge difference but nonetheless you should compare apples and apples.

  • peter

    Welcome USA to the 100 % debt to GDP ratio club yesterday nov/20/2011.

  • sean

    I did not have any idea and how to solve it.

  • Mad Max

    The real failure is the people in this country. We put up with this nonsense because we don’t know what to do about it. I don’t think anyone believe the so called super committee would solve anything. If we keep this up, not only will we lose our jobs and our homes, we will lose this country.

    If you care:

    FIGHT THE CAUSE – NOT THE SYMPTOM
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    They treat us like dumb animals because act like dumb animals.

  • Tatiana Covington

    Failed… and a good thing, too.

  • Louise in MO

    In the Book of Proverbs it states: “don’t owe any man anything.”

    The early church was told to “care for the widows and orphans.” The church gradually failed to do so and the government took over…so we have social programs.

    How much of your church’s budget goes to the poor and the needy? How much have you given to those around you who are genuinely needy?

    The news reported that the annual Boy Scout food drive was much less than was hoped for!

    God help us!

  • Bob-bob-bob

    This committee was supposed to fail!! The president wants an issue he can run on in the next election . He can’t run on his record its all bad , so he thru this committee out there to fail and give him some traction .

  • http://www.linkedin.com/pub/sean-reeves/1a/815/902 Sean

    Us downgrade = no risk “free” rate. Now how the hell will the markets function without a stable backing…. They won’t for long, even the egyptian markets are suspended could you imagine the panic and monetary loss when that happens in the u.s. (even for one day). hate to say it but I won’t shed a tear when these elitist (wall st or Washington ) start jumping from the skyscrapers of Morgan Stanley, bofa, and citigroup. Ive been broke my whole 24 yrs (relatively) so it won’t be too much difference just more ramen noodles take it back to the dorm daze haha

  • http://economicsurvivor.net Russell Cavanagh

    The government knows all of this only too well, and are now all-out attackling alternative media – http://economicsurvivor.net/2011/11/22/first-they-came-for-alex-jones/

  • http://EconomicCollapse Already Gone

    does anyone acutally believe that the twelve stooges were going to do what they were in the real world supposed to do? they are only doing this because of the public backlash. there will be no attempt now or later to solve this problem because they do no want to,this is just another attempt at stalling the ineveitable, hoping people will get tired and bored with it and it will all go away and
    life will continue it’s miserable journey. According
    to the bible during the chaos and the madness the antichrist will emerge than things are supposed to get interesting. so the preperations continue.

    • lmao rednecks

      lmao rednecks. Get over yourselves. The US isn’t that important. The world will keep spinning after the US is long gone unless it tries something funny like use nukes; then the world will keep spinning a bit slower, but with a glassed out North America. It isn’t the end of the world if the US goes down and it sure as hell isn’t in any religious bs comic book.

      The US is the greatest threat to the environment mankind has ever seen, with per capita energy use rates twice that of other rich countries and 10 times those of developing countries. Americans use more water in watering golf courses than Africans have to drink. If there is a God, then God has decreed that every last American needs to die to protect his creation, the rest of mankind.

  • Patriot Alice

    It was not a failure, it was a success! Spending cuts without raising taxes, is exactly what we need…Those cuts are not nearly enough, we need 5 trillion $$$ in cuts, with no tax increase…

  • http://None NoNetDebt

    Whoever says this is our children’s debt or our grandchildren’s debt is out of their minds. When you don’t pay your mortgage, they don’t go after your children’s income, they take your house. Creditors will take the assets of the US until we own nothing at all in our own country – only foreigners will own property, industries, anything.

  • PorkEatingInfidel

    Power of Stupor Comitte Activate!!! Form of Automatic Removal Of Crucial Tax Breaks!! Form of the Deafening Sound of What is Left of Capital and Business Leaving the US !!!

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