The Beginning Of The End
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Even Ben Stein Is Warning That An Economic Collapse Is Coming

He sure has come a long way since “Ferris Bueller’s Day Off”.  During a recent television segment for CBS, Ben Stein declared that “the tea leaves are ominous” and he warned that an economic collapse may be coming.  In particular, Ben Stein is deeply concerned about inflation.  During his recent appearance on CBS, Stein proclaimed that the Federal Reserve is “just shoving money out the door as fast as it can” and that this could have horrific consequences for the U.S. financial system.  Sadly, Ben Stein is exactly right on this point.  The Federal Reserve has already injected enough money into the financial system to create an inflationary disaster.  Fortunately most of this liquidity is still being held by the banks (this will be further explored below), but once all of that money starts getting released into the financial system it is going to unleash economic chaos.

In the video that you are about to watch, Ben Stein states that “when serious inflation hits, it hits everyone”.

And that is absolutely true.  Inflation is a hidden tax on ever single dollar that each one of us holds.  Nobody can cheat that hidden tax and nobody can escape from it.

You may have noticed that the price of gas is going up.

In fact, just the other day UPI reported that the price of gas at one station in the Washington D.C. area was up to 5 dollars a gallon.

Can it get much worse?

Well, actually yes it can.

Richard Hastings, a strategist at Global Hunter Securities, recently told CNBC that he believes that we could potentially see $6 gas at some point this summer.

Do you think that a lot of American families will rethink their summer vacations if that happens?

You betcha.

Perhaps Americans will just fly instead.

Well, that is rapidly becoming more expensive as well.  Just check out what one recent CNN article had to say about rising airfares….

Late Tuesday, Southwest Airlines raised all of its round-trip fares by $10. Delta (DAL, Fortune 500) initiated this latest round of price increases on Monday, and as of midday Wednesday American Airlines (AMR, Fortune 500), JetBlue (JBLU) and United Airlines (UAL) had matched it.

As Ben Stein also notes in the video below, food prices are soaring as well.  Rampant money printing by the Federal Reserve and serious crop problems all over the globe have created a “perfect storm” for agricultural commodities.  In the video, Stein sounds downright apocalyptic as he describes crop failures around the world….

But now, we are getting serious crop shortfalls in China – an enormously important agricultural producer and consumer. U.S. crop forecasts are also disappointing. There are huge problems in Australia, South America, and Russia. Corn, wheat, rice and other foodstuff prices are just going wild.

And you know what?

Ben Stein is right.

In a recent article about the global food crisis, I detailed some of the agricultural commodity price increases that we have seen….

*According to the World Bank, the global price of food has risen 36% over the past 12 months.

*The commodity price of wheat has approximately doubled since last summer.

*The commodity price of corn has also about doubled since last summer.

*The commodity price of soybeans is up about 50% since last June.

*The commodity price of orange juice has doubled since 2009.

But it isn’t just food and gas that are going up.  We are seeing inflation everywhere.  The value of virtually all “hard assets” is going up.

Investors are running to precious metals such as gold and silver in a desperate attempt to preserve their wealth.  Gold and silver have been absolutely skyrocketing.  The price of gold set another brand new all-time record high this week.  The price of silver hit a 31-year high today.

So why is this happening?

One of the biggest reasons for all of this is that the Federal Reserve has been flooding the system with new money.  In the video below, Ben Stein points to quantitative easing as the primary reason why we are seeing so much inflation….

But most important of all, the Fed is just shoving money out the door as fast as it can, creating piles of cash in banks.

The Federal Reserve had hoped that economic growth would be sparked by all of this new cash, but that is only happening to a minimal degree.

Instead, what Ben Stein believes all of this new money is going to bring about is a situation known as “stagflation”.

Do you remember the 1970s and the “misery index”?

Well, we seem to be headed for a repeat of those days.

In a previous article, I defined stagflation….

Stagflation exists when inflation and unemployment are both at high levels at the same time.

Up to this point, we have had high unemployment but relatively low levels of inflation.

But now we are going to get to enjoy high unemployment and high inflation at the same time.

Oh goody!

Video of Ben Stein’s recent appearance on CBS is posted below.  You can read a transcript of his remarks here.  It is amazing that a mainstream news outlet would allow this much truth to get out….

Look, the reality is that you cannot pump this much money into the financial system without there eventually being very serious consequences.

For decades the Federal Reserve has been systematically debasing the U.S. dollar, but what the Fed has been doing to the money supply over the past couple of years is absolutely unprecedented.  Just check out the chart below….

So why hasn’t all of this new cash caused chaos in the economy already?

Well, because most of it is still trapped in the financial system.  Banks have been reluctant to loan it out.  Instead, they seem content to keep most of it on reserve at the Fed.

But if all of this new money starts leaking out into the economy it is going to drive prices up.  When you have lots more money chasing roughly the same number of goods and services it is inevitable that inflation will result.

Robert Wenzel of EconomicPolicyJournal.com believes that more quantitative easing is not even necessary to turn the U.S. economy into a hyperinflationary nightmare.  In fact, Wenzel says that there are enough excess reserves at the Fed right now to turn us into another Zimbabwe….

With over $1.4 TRILLION in excess reserves, Bernanke never has to resort to QE style monetary operations ever again, to print money. If those excess reserves leak into the system, Bernanke has enough sitting there to make Zimbabwe look like a model of prudent money management. As per usual, Bernanke has most of the media and Fed watchers looking at the wrong card.

Forget about QE3, keep your eye on excess reserves. Excess reserves are funds that are not in the system bidding up prices, but when they enter the system by banks using them to make loans, have the potential to result in a multiple of their size, when they impact the money supply. Because of this potential for multiple size impact, excess reserve entering the economy are considered high-powered money.

We would have never even been in this position if we had never allowed the Federal Reserve to be created and had never gotten 14 trillion dollars in debt.  But now America has a debt problem that can never be solved under the current system.  We are locked into a debt spiral from which there is no escape.

Last year, the U.S. government spent more on interest on the national debt than on the following departments combined….

*The Department of Health and Human Services

*The Department of Energy

*The Department of Veterans Affairs

*The Department of Justice

*The Department of Homeland Security

*The Department of Agriculture

*The Treasury Department

*The Department of Labor

Ouch!

But right now the U.S. is still able to borrow tons of money at super low interest rates.

So what happens if interest rates go up?

It could potentially be catastrophic.

That is why the decision by S&P to downgrade its outlook on U.S. government debt was such a big thing the other day.  The U.S. still has a “AAA” rating, but S&P is warning that the AAA rating is in danger.

So what would it mean if the U.S. lost the AAA rating that it currently holds?

The Washington Post recently described it this way….

A credit rating downgrade for the United States would spell even more financial trouble for the U.S. government, hampering its ability to borrow money as investors demand higher yields to make up for the increased risk. That would cause its national debt to balloon further and increase the need to hike taxes or make even more painful cuts in spending.

But the U.S. government continues to borrow money like there is no tomorrow and Ben Bernanke and his friends at the Fed continue to recklessly print money.

As bad as things may seem for many of you right now, the truth is that what we are experiencing at the moment is a “false bubble of prosperity”.  Things are eventually going to get much, much worse.

Enjoy this time of economic peace and stability while you still can.  Our leaders have absolutely destroyed our economic future and we are going to want to have some good memories to hold on to while we are living through economic hell in the years ahead.

  • DownWithLibs

    So what about China’s Three Gorges Dam? I thought that was built to turn China into an agricultural powerhouse.

  • Mark McBee

    Ben Stein is an idiot. He argued with Peter Schiff on TV telling the housing mortgage is not collapsing. He lost and had to write an op-ed piece on a newspaper that he was wrong. This was in 2007. Ben Stein is an economist and yet didn’t see it coming. Now our economy is collapsing and he just woke up. Finally one sheeple is awaken.

  • Gary2

    What the heck do I care about this washed up right wing hack. Michael if the best you can do is Ben Stein it may be time for you to get some vacation/relaxing time.

  • Gary2

    To solve the problems we need to TAX THE RICH HARD AND SPREAD THE WEALTH!

  • 007

    Got To hand it toObama and his stooge Bernake. He lives to convince Americans the best they can do is hope for a meager government handout. However, watch his other hand as he screws everyone out of their check with rampant inflation. Then he thinks they are so stupid they will believe him when he tells them there is no inflation.

    Would be more honest if he just kicked them in the balls and stole their wallets.

  • Johnson

    Obama is out here in Calif. sucking up to Facebook users and raising funds from the wealthy again while his wife spends gobs of taxpayer money (which we don’t have) taking her posse to the View TV show.

    Meanwhile, a barrel of oil sails past $111 today. Then ignore the 2.5 million unemployed people that the government doesn’t count as unemployed and unemployment is over 11%. And add in the food & energy categories that the government eliminates from “core” inflation calculations and true inflation is around 10%.

    But none of this appears to be on Obama’s mind. He just wants to fritter around adding Facebook friends and rustling up more campaign $$$.

    Obama really snowed us all so badly. I hope someone steps up to challenge him in the Dem primaries. That person COULD win. And what a great surprise that would be for Obama!

  • http://YAHOO RICHARD

    PERSONALLY THE THINK THE FED IS TRYING TO CREATE INFLATION. NOT ONLY DOES QE2 CREATE INFLATION BUT THE PRICE OF GAS DOES A PRETTY GOOD JOB ITSELF. I THINK THE FED IS HOPEING THE PRICE OF HOMES WILL START GOING UP INSTEAD OF GOING DOWN LIKE IT CONTINUES TO DO. HANG ON IT IS GOING TO GET UGLY.

  • mondobeyondo

    Inflation is already here.

    We are just seeing the first signs of it right now, at the grocery store and the gas pump. It’s more obvious when you look at the prices of gold, silver, oil, etc. When the banks finally do release the vast hordes of cash the Fed has been shoveling out to them, EVERYTHING is going to skyrocket in price. So much so, that it’s going to make Zimbabwe look good.

    China and other foreign countries are looking to dump the dollar and get rid of our Treasuries. Oh goody, even MORE dollars coming home, in addition to the ones the Fed is printing already.

    We are almost literally going to drown in a sea of dollars!! And that’s not good, if you have a retirement pension or 401(k). In fact, it could be fatal for those. Five years from now, your 401(k) may buy a brand new flat screen TV, or worst case scenario, a loaf of bread. And THAT is if the government doesn’t nationalize your retirement fund first – and convert it into U.S. TREASURIES! Gasp!! The same Treasuries that foreign countries are itching to unload! What a nice reward for all those years of hard work and saving. Dirty rotten criminals!

    All this is a nice little scenario, huh? Especially if interest rates stay near zero for, say, the next 30 or 40 years. But interest rates aren’t going to stay this low forever. At some point, they’ll have to rise. And when they do, millions of Americans will be beyond screwed, because they’re already in massive debt. Higher interest rates will only make things worse. Ditto for the finances of the United States of America. Our national debt is already a Superdebt with all the unfunded liabilities (over $100 trillion!) Hike up the interest rate, and it will explode into the Mother of All Debts in the History of the Universe.

    The smart people, and many foreign governments already know what is happening. The mainstream media says commodity prices are rising because of “speculation”. Sure, speculation plays a part – but a lot of it is due to the dollar’s plunge, and our overall crappy financial situation. The dollar is in serious trouble.

    Yes, we’ve got Trouble folks!
    Right here in River City!
    With a capital T, and that rhymes with C,
    and that stands for Catastrophic Collapse and Calamity.

    There will be no happy ending to this.

  • CJFYuma

    Economic hell has been unleashed already. Those of us who still have jobs are paid in US $$$’s, which are steadily eroding in value – thus, our standard of living is falling faster and faster. Has anyone been on an oversea’s trip lately? I bet it’s awfully expensive to travel of the US right now.

    The only way to avert this disaster is to restore confidence once again in the US $ by making painful deficit reductions, and raising short-term interest rates.

    Do you think the Obama-Reid-Bernanke “three stooges” are going to accomplish this before it’s too late? Ya better think again. The foreigner Obama could care less about America and the value of your hard-earned money. Prep now for more “economic hell” to follow!

  • Gary2

    Ben Stein needs to be taxed and his wealth spread around as do the rest of these parasites.

  • http://www.no2foreclosures.info DaVid

    The following two charts show that there is absolutely no other options except for the U.S. to go to war to “wipe out” its debts and start all over again. It doesn’t matter if Bozo the Clown were in charge now. There is nothing that the U.S. could do, short of out right bankruptcy, i.e., “we are sorry that we cannot pay our debts,” to fix this Financial Armageddon facing the U.S.S. Titanic. Problem is, war in this case is nuclear war and global in scope.

    http://rense.com/general92/stor.htm

  • michelle

    It’s not that they WANT to tell the truth – they just can’t hide it any longer.

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

    Claus Vogt of Money and Markets reviews two possible economic collapse scenarios in the following article:

    http://www.moneyandmarkets.com/two-collapse-scenarios-44194

  • 007

    Obama and Hellicopter Ben are the greatest thing ever for investors in oil, gold and silver. They are tearing the American public a new one with this rampant inflation. Funny how he professes to care about the poor and then screws them out of their money with these ridiculous gas, food, clothing, medical, taxes, education prices. Kind of insulting that he believes the public is so stupid they won’t notice his scam.

    But I will keep my investments in oil, gold, silver and commodities and keep ringing the cash register. Poor Obama can’t print any of these commodities.

  • daz

    Will the last one to leave, please turn off the lights.

  • Utopia Banished

    Gary take your commiecrat redistribution crap to huffpo or some other page.

  • http://survivalistboards.com Sierra Dave

    I used to have more respect for him.

    As I understand it, economic theory for centuries is that governments have raised taxes to slow over heated economies. We don’t have that. And here he is saying we need to raise taxes.

    At least he seems to be coming around on the collapse thing.

  • Amos Quito

    Gary2 pull your head out of your rectum. The rich, middle class and the poor combined don’t have enough wealth to cover the IOUs that you liberal puss guts have created with the never end wave of entitlement programs.

    Why don’t you all move to the Soviet Union or Cuba if you yearn to live in a socialist country instead of destroying the only bastion of true freedom and economic opportunity?

    I honestly don’t know which group is worse – the elitist aristocrat *************** slowly robbing the wealth of America or socialists like you.

  • Amos Quito

    The only way out of this mess is create $15 trillion all at once, pay off the national debt with the worthless dollars, announce a brand new monetary system that is backed by gold and silver and pass a balanced budget amendment going forward. A complete do over!

    This will also have the added benefit of allowing all of us with mortgages (and some gold and silver socked away) to pay off all of our fixed rated debt with dollars that are worth the ink it took to print them. I would love to trade in 10 or 20 ounces of silver for a few hundred thousand worthless paper dollars and pay off all my debts!

    If someone else has a better solution put it up for consideration!

    Amos Quito

  • Tim

    When hyperinflation breaks out and the dollar becomes worthless, I wonder if a certain person will still be saying that we need to “tax the rich and spread the wealth.” Sigh.

  • Martin

    Alex explains it well how the corrupt bankers
    work and scam us all.
    http://www.youtube.com/watch?v=jKuSUs4j1Y8&feature=player_embedded#at=508

  • http://MidgetTechnology tome

    There is nothing that can be said here that will change the posssibilities of the future. What concerns me most is the social upheavel that will result from such a dire economic condition. If such a situation arises what is going to be the result to the American consumer, because it seems that should there be such a severe economic collapse, how is it going to effect the everyday monetary condition for the American consumer.There is a couple of exception to what is being said concerning the price of oil, 1 is that biofuel now is becoming more of a reality is causing farmers not only domestically but worldwide to set aside agricultural production upto 30% to repond to the increase demand for biofuel.This is the partial cause of the increase in fuel prices. 2 There hasnt been a new refinery built in the US for 50 years and even though production overseas increases that under normal of supply and demand would reduce gas prices, because of the lack of a sufficient number of refineries, causes a bottleneck in supply because we cannot refine the oversupply at a reasonable time, and this is the way the oil companies are controlling demand and prices here in the US. But then again there is nothing that can be said here that will change the posssibilities of the future, and the dreaded result.

  • Matt

    Gary2, we need to tax you hard and take all your wealth. Then give it to me.

  • Kevin

    The goal is to break down the old order to facilitate the creation of a new true global financial system devoid of independent governmental action.

    It’s illogical to assume that all of this is just a collective screw up. It’s completely logical that all of this is intentional. There are simply too many of the most wealthy / powerful involved that hire the most educated that have the capacity to make happen what is desired to happen.

    In the end the developed worlds standard of living drops and the developing world rises. There may be some bumps in the process but the end result is to drop the highs and raise the lows.

  • Paul

    Just borrow some money and buy gold. A few weeks later sell some of the gold and repay that debt. Keep the rest of the gold.

    Repeat.

  • Bob

    Gary2:
    I don’t mean to be impolite (and I love C-O-O-K-I-E-S) but if you could see your way clear to answer some questions that I have:

    1. Who are the rich?
    2. At what tax level are they to be taxed “hard”?
    3. If and when the U. S. government does receive this new tax revenue, upon what, exactly, is it to be spent?

    And perhaps more to the point:
    4. Could you please quote to me where it says in the Constitution, the law of this land, the part you mention about “spreading the wealth around”?

    http://www.archives.gov/exhibits/charters/constitution_transcript.html

    I await your reply.
    Your humble servant, Bob

  • Paul

    Bad news:
    You can’t eat gold. Better buy styrofoam and insulate your home to save on future energy costs. Stock your pantry while food is still cheap. Get one more woollen jumper and woollen blanket. Don’t forget sugar and cocoa. And get moving and get healthy; medicine is going to be expensive as well. Replace that thirsty and fertilizer-hungry lawn with a veggie patch and an apple tree.

  • Paul

    And don’t get that loan for the shiny new TV or YBox450. If you can’t afford it, how are you going to afford the interest payment on top of the price?

    Take your kids and run in the forest with them, over the meadow, through the park and up the stairs of the highest building you can find.

    Enjoy the view.

  • Paul

    It’s not about taxing the rich it’s about cutting all the dam entitlement programs everyone wants to sit on there ass and collect from there goverment programs. The problem is any politician that brings up cutting entitlement programs is commiting political suicide. The goverment has gotten way to big and there isn’t enough money to fund it all.

  • Jimmy

    Haha. Too little, 5 years too late.

  • flubadub

    Gary2, This article isn’t even 12 hours old and you’ve already left 3 replies all of which continue to validate the old adage that “A little knowledge is a dangerous thing.” If you knew anything about Ben Stein rather than assuming he is a bad man who’s money must have been accumulated through greed or dishonesty you’d know that he is an ADVOCATE for higher taxes on the rich. There are many others like him including Warren Buffett whom you’ve also criticized in the past. Ken Langone, the founder of Home Depot also believes the wealthy should pay more and recently stated that one of his monthly decisions is determining which charity he’ll donate his social security payment to.

    The tired old argument is to suggest that rich people of a similar mind just write a check to the US treasury if they believe taxes are too low. Fact is, some of these super rich people donate billions to charity because they know it will do far more good that way rather than passing through the government’s hands and that, unless the tax increase is across the board, their donation to the treasury will do little to improve the nation’s economic condition.

    Though no one has ever accused me of being rich I also believe that the wealthy should pay more in taxes. The difference is that I believe they should pay more not out of hatred, anger or envy but because they are one very important source of much needed revenue for our horribly cash strapped country. Granted, there is a lot of rhetoric that can tick you off. For example, the whole Republican argument calling an extension of the Bush tax cuts a “tax increase” is an insult to anyone with even two firing synapses. If I owned a company that was having financial problems and asked my employees to take a temporary $100/week pay cut how would they react if, after the year passed I told them that I couldn’t afford to give them a RAISE?

    Bottom line: There are many greedy, dishonest, self centered wealthy people but there are also many who’ve come by their fortunes either by their own efforts or by, well, just good fortune. If we lump them all together and go after their money with blind hatred and a sense of entitlement they will, human nature being what it is, fight just as hard to keep what they believe to be theirs.

  • http://theeconomiccollapse JackieR

    Missed your articles the last 2 days.
    About QE***, it is just more bailout money just not taxpayer $$$.
    I believe that the major banks are still in dire crisis that they are hoarding it or putting it in the SM.
    I also question, what about lawsuits?
    The foreign govts must be suing the major banks for what they have done to the rest of the world financial system. I also believe that they are the major player in this meltdown. If our govt will not prosecute them then let the powers that be do it.

  • sharonsj

    Why would the banks release all that money? They need the liquidity to stay afloat because most banks are still in trouble. They’ve been using funny accounting for years and leveraging their gambling at the same time.

    The media isn’t telling us the truth for obvious reasons. What I find interesting is the jump in the number of blogs and web sites telling people to stock up on food and other items. I think we know that times are going to get much worse.

  • El Pollo de Oro

    Michael T. Snyder writes that according to Robert Wenzel of EconomicPolicyJournal.com, “there are enough excess reserves at the Fed right now to turn us into another Zimbabwe.” Considering that Zimbabwe has an unemployment rate of around 70%, that is definitely a frightening thought. More than a few friends (both liberal/progressives and conservatives) have called me a doom-and-gloomer for quoting Gerald Celente and saying that the former USA is now The Banana Republic of America (BRA) and that economically, we’re turning into El Salvador, Morocco, Bolivia, Jamaica or Guatemala—in other words, a Third World country where a minority of the population is filthy rich while most people live in poverty and there is little in the way of a middle class. But as pessimistic as I am about the future of the rotting, decaying, collapsing BRA, I’ve also been saying that things probably wouldn’t get Haiti bad or Sub-Saharan Africa bad—more like Central America bad. But according to Robert Wenzel, the BRA’s collapse into Third World misery is even nastier and even more severe than I’ve been saying. I’ve been saying that the BRA is the next Guatemala or the next Bolivia; Wenzel is thinking the next Zimbabwe.

    If you look at a list of the 100 poorest countries in the world, there isn’t one Latin American country in the bunch. That doesn’t mean that there isn’t a lot of hardcore poverty in Latin America; there is. But the poverty in Zimbabwe and other parts of Sub-Saharan Africa is a lot worse. And that is where Wenzel thinks the BRA is headed. Ouch!

    All I can say is God help The Banana Republic of America (formerly the USA).

  • Realist

    GARY2—
    Get some ambition.

    Get a job.

    Better yet, get some ba**s and start a business.

    Pay some taxes. I can almost guarrantee you ended up paying no Federal income tax last year.

    Stop leaching off of other people’s hard work and smart investing.

  • Realist

    By the way Gary2—

    A parasite is an organism that doesn’t work to gather or produce it’s own needs.
    A parasite is an organism or person that takes sustenance from another without contributing anything.

  • DownWithLibs

    It appears to me as if Gary2 is trying to say…something. He is trying to get SOME sort of message across. Just can’t seem to put my finger on it. Anyone have any ideas about what he is tying to say? REALLLLY need some clarity here!

  • xander cross

    Who takes ben stein seriously? Never mind, most religious people do. This guy expelled movie was based on lies and he is also a bad economist. If you take fiancial advice from this guy, then something is truly wrong with people in this country.

  • Mike

    You’re and idiot gary2, you’re an idiot. That’s all you ever say and even if we did that it would make no difference at all. The government spends more in a week than all of the richest people in the world make in a year.

  • karen

    FEMA has a contract out for a vender who can print over 300,000 copies of a National Detainee Handbook which they need by 29 April 11. Folks when gas get 6 dollars a gallon and food prices skyrocket higher than they are now people are going to riot, and much more, these handbooks are saying you and I are a detainee.

  • Dwayne

    I know you mentioned it in this article, but are you going to write any more about the S&P lowering the USA debt rating? That is huge!

  • http://awakenthelion.blogspot.com/ Derek

    Uh oh. If Ben Stein is warning about an economic collapse, then that probably means everything is going to turn out okay after all! God knows he has a track record of getting just about -everything- wrong!

    I guess it’s time to sell the silver and take a vacation… Good times are on their way!

  • zimtran

    Taxes should be raised on everyone to 100%.

  • 007

    “Tax the Rich” what an uneducated answer to our economic crisis. It’s like saying the answer for a drowning man is to throw him an anchor.

    1. The “rich” equal our countries employers. You increase their taxes and you cut their working capital. You cut their working capital and it inevitably leads to a reduction in hiring of new employees

    2. The “rich” top 1% already pay over 40% of all federal taxes. Add state and other taxes and they already pay close to 60% of their income in tax. So what the hell is their fair share?

    3. A huge percentage of the “rich” are successful because they make wise financial decisions, work hard take economic risks and employ people. If you raise their taxes further you simply discourage the incentive to pursue or expand their businesses. Killing the incentive to work kills the economy.

    4. The worst thing you can do in a recession is to raise taxes. It is a universally accepted fact by every credible economist. This is especially true when you seek to raise taxes on the nations nations employers.

    5. Even if you took 100 % of the “rich’s” income and raised everyone else’s taxes by 50 percent, we would still be running unsustainable deficits of over 700 billion dollars. So again do you have any serious suggestions to address this debt crisis?

    6. Those making $250,000 a year are not rich. They are the small business owners which are responsible for the majority of the jobs in this country. Tax them you kill jobs. It is that simple. Many are hanging on in this pathetic economy by their fingernails.

    7. The super rich will not put up with more tax. They can take their ball and go play elsewhere. If they leave they will take a huge amount of jobs with them. When They can afford to make their income and maintain tax homes in tax friendlier countries.

    8. Every state that has tried to raise taxes on millionaires has resulted in a mass exodus from the state and even lower revenues from this economic class.

    9. ” Tax the Rich” has failed over and over in history to solve economic crises. “tax the rich” was the last thing the Roman empire tried and it totally shut down and destroyed what was left of it’s economy. People would actually place themselves into slavery to avoid the crushing taxes.

    10. No I am not rich according to Obama. I am a small employer. I still no this proposal to raise taxes on the higher brackets is a very bad idea.

    So this cry to tax the rich is nothing but a non serious straw man argument designed to distract and divide people with class warfare. It could not come close to solving the governmental debt crisis we face. Truth is the socialist left knows this is not an answer.

    The truth is when they say “tax the rich” they really mean “tax everyone”. Those yelling it are more often seriously vested in the welfare state. They are getting their government checks and perks and just want it to continue no matter what it does to the average taxpayer or the economy. The welfare state has become their way of life and they are terrified to having their way of life changed.

    Truth is this welfare state is nothing but a big ponzie scheme and the progressive liberals know it. They represent those first customers that get paid in a ponzie scheme. They know it can’t last. They want to keep getting their’s now and don’t really care what happens to you or the country. That is all this this “tax the rich” is about to distract you so they can keep getting their’s as long as possible.

    I

  • Mark

    Gary, if you want riches so bad get off your lazy butt and earn it yourself.

  • Matt

    Gary, if you read the articles on this website then you know that most of the wealth is held offshore and isn’t taxed.

    So when you say,”tax the rich” you’re actually saying,”tax the rich so I can pay higher prices because they’ll pass the tax down to you as a consumer.”

  • denny

    007 – Seems to me the largest share of the ‘Welfare’ state belongs to Wall St. and the banks. I may be wrong (but I don’t think so). I paid into SS for most of my life and I’m entitled to the meager monthly entitlement. Now, those same people are leading the charge to take this away. I suggest you review the statistics on how many benefits and subsidies American corporations receive and while you’re at it, check out how much they have stashed offshore – all at our expense. Whenever I hear the word subsidy, I see big business making more money (our taxes) through some pork-barreled scheme set up by their friends in congress. It’s not left/right anymore, capitalist/socialist, it’s top/bottom now and anyway, this stopped being capitalism when henry paulsen gave the first $800 million to his and Bunnypants Bush’s friends. Guess who’s headed for the bottom – most of us.

  • mondobeyondo

    First WalMart warned about increasing prices, and now McDonald’s:

    http://finance.yahoo.com/news/McDonalds-warns-of-higher-rb-2533920012.html?x=0#mwpphu-container

    Ding, ding, ding… the alarm bells are ringing.
    What’s it gonna take for people to finally wake up? A tornado siren at full blast?

  • mondobeyondo

    Gary2 doesn’t need to worry. At the rate things are going, there will be no more “rich” people in the U.S. to tax. The wealthy would have long ago fled to some foreign tax haven. You’ll find them partying in Monte Carlo, and getting suntans on the beach in Dubai.

  • El Pollo de Oro

    “Our electronic currency is not even worth the paper that it’s not printed on.”–Gerald Celente

  • 005

    I’m gonna go off the subject a bit and just say that all the left vs. right garbage isn’t worth the waste of breath. The entire system is just breaking apart, bit by bit. Just when that last tread snaps don’t know, and almost am tired of waiting for the last thread to go. Again this is just my take on it. At some point, you just get tired of the eventual “bang” that keeps building. Thanks for letting me type this.

  • Gary2

    1. Who are the rich?
    2. At what tax level are they to be taxed “hard”?
    3. If and when the U. S. government does receive this new tax revenue, upon what, exactly, is it to be spent?

    And perhaps more to the point:
    4. Could you please quote to me where it says in the Constitution, the law of this land, the part you mention about “spreading the wealth around”?

    1. I think anyone who makes over $200,000 is rich-they are in the top 10%. That means 90% are poorer so they are rich.

    2. They were taxed at 91% marginal rate under Ike. I would be happy at 50% MARGINAL with an additional 10 % at the billionaire level. I love Rep Jan Schosky (spelled wrong) from IL tax plan. Also I love Sen. Bernie Sanders from Vermont. He tells it like it is.

    3. It should be spent on strengthening our social safety net programs and investing in infrastructure. Very similar to the Scandinavian countries.

    4. With the right to govern interstate commerce the government can levy taxes providing for all people the opportunity to succeed. You see Bob as wealth inequality increases opportunities decrease. That said I am not one of these if its not in the constitution the government can’t do it. Its a living document and not written in stone. (amendments etc) Additionally I do not want my life governed by people from the 18th (17th?) century who are dead and gone. This is the 21st century. Things change.

    Bob-thanks for asking your questions and giving me the opportunity to answer. I truly believe that if the rich are not taxed hard and the wealth spread more evenly sooner rather than later we will loose this great country called America and become a third world hell hole as others say on this blog. It is inconceivable that republicans and the right are even discussing cutting programs like WIC, SNAP (food stamps) head start etc and in the same breath wanting to cut taxes on millionaires and billionaires. If I had not heard and seen this macabre talk I would not have believed this would even be up for a debate much less being seriously considered.

  • Otown Right Guy

    Gary2, Ben Stein is an idiot – LIKE YOU! I once saw him on FOX saying we should have a MAXIMUM WAGE and the feds should confiscate 100% of someone’s income over the maximum. He is a kindred spirit of your commie kind.

    Michael, how about banning or at least limiting the Gary2 and ImpeachRonPaul troll/spam posts? You and many of the commenters have some insightful posts. But those envious, class warrior union bums do nothing but disrupt the discussion.

    • Michael

      I try to let everyone have their say. So a lot of comments get posted that a lot of people are not going to agree with.

      You should see the stuff that I end up moderating out. That is the truly scary stuff!

      Michael

  • Gary2

    007-you are 100% incorrect on every point you stated.

    I do not have time to refute everything you said but suffice it to say you are totally 100% wrong on everything.

    The rich have had tax cuts since 2001/2003-where are the jobs? There was no estate tax in 2010-where are the jobs?

    So much for the rich being job creators. If you look at stats there is no loss to speak of in the states that have a millionaires tax. facts are facts-simply Google this.

    Bottom line-depending on the poll-61-80% of the American people say we need to tax the rich before cutting programs for the poor.

    Whether or not you like it the rich will be taxed more and their wealth spread more in the form of programs for the poor not being cut or cut so severely.

    Any one making over $250,000 IS rich, simply look at the % of people who make less than this. Again 007 these are simply facts.

    I really believe what you are saying is a “Straw Man (Woman?) argument and sounds like it is straight out of Fox “News”. I mean this in a serious way and not a throw your words back in your face way.

    Please also see the post I responded to Bob’s questions.

  • Gary2

    007-one more thing

    you said . A huge percentage of the “rich” are successful because they make wise financial decisions, work hard take economic risks and employ people.

    I would say a huge % are rich from stepping on other people-paying low wages and exploiting people and in a lot of cases outright breaking the law. I would not go so far as to say that every where you see great wealth you are also seeing a crime scene but I’m just sayin…

  • Gary2

    Does anyone think it is OK that we have 20-25% of the children living in poverty and at the same time the republicans are wanting to cut taxes on the rich even further? Ryan wants to reduce 35% to 25%.

    This is sick and depraved.

    Anyone who thinks this is OK needs to look into a hungry child’s eyes and tell them that it is more important that millionaires and billionaires get a tax cut than it is for that child to eat. The programs the right wants to cut help real people.

  • http://economiccollapse.info econ crash

    Wow, Ben Stein is noticing the obvious. Now if the rest of the American people could wake up.

  • Josh

    Hey Gary 2
    I’ve challenged you in the past to put your money where your mouth is. Spread your own wealth around. Take in a homeless person, pay for his food, solve HIS problems with YOUR money. You are richer than him. Voluntarily tax yourself and spread it to him. Until you do that your words are just bullsh_t!
    You just want to tax people richer than you. If you really beleived in the rich paying for the poor, then your life would prove it. You would be out using your $ to help the poor instead of spouting bullsh_t on a stupid website all the time.
    You words are total nonsense.

  • Realist

    GARY2:
    “Anyone who thinks this is OK needs to look into a hungry child’s eyes and tell them that it is more important that millionaires and billionaires get a tax cut than it is for that child to eat.”

    We run an inner-city food pantry in a very poor, depressed area where anyone can come and get all the food they need. I’m not talking about gruel — currently we are handing out Tyson whole chickens, USDA Choice strip steaks, 16″ premium pizzas, Oreos, fresh fruits and vegetables…. sometimes I wish I was poor enough to qualify for stuff we are handing out that our family can’t afford.

    This happens all the time —- this little lady comes in and requests a box of food for her family of 8. Ths box weighs around 50 LBS. I ask her where her help is? She tells me they are at home; she couldn’t get anyone else to come with her.

    Every time we close the Pantry we have to take a box outside and pick up all of the food items people have sorted through and left.

    My point is, no one in this country needs to go hungry. Within a 15 minute walk of our food pantry there are 9 other food banks and soup kitchens. Anyone can get a meal anytime they want.

    In ACTUALLY WORKING WITH the needy what we see are parents and teens too strung out on drugs and too lazy to care if their kids are hungry.

    GARY2, go volunteer at a food bank and really see what’s going on out there instead of buying the propaganda.

  • impeachBenStein

    I want to marry a dog I love with all my heart but Ben Stein says this is immoral and nonsensical! He is a crazy extremist. He also says that human life has intrinsic value of a sense GREATER than animal life!

    Crazy people like this are ruining America. He should have his face digitally changed to Bill Maher’s in all existing copies of Ferris Bueller’s Day Off.

  • PaulF

    It’s too bad people like Gary2 can never step back and see out of their tunnel vision.

    Of course it’s sick to have poor children in a nation that’s as rich as we are, with the riches concentrated at the top. Part of the solution is to return to a true FREE market system, not the system of (fascist?) corporatism we have now that keeps the wealth floating up and more and more dependent upon Big Brother.

    But keeping everyone on the dole, Gary, and adding to the dole every year, is no solution. How can you possibly not understand that? How can anyone who can count on their fingers not see that the currency and the country will cease to exist if this path is not altered?

  • Paul

    Gold, Silver and precious stones have a vital function: to reduce liquidity in the market. Money that is used to buy gold and silver cannot be used to drive food prices up.
    Conversely, if you use your money for investment – like replacing those old drafty windows with heat-insulating triple-paned windows – , or buying cheap commodities now in the fear that the price will rise, you increase your liquidity in the future.
    Other ways to increase liquidity are reduction of debt or avoiding debt altogether.

    The financial crisis was called that, because there was not enough liquidity in the market. People did not earn enough money to live the modern life. They “had to” borrow money to get those TVs, cars, electronic games and brand name whatever-they-wanted.

    China will double minimum wage until 2015.

    Something to think about.

  • theRichStoleAmerica

    Another republican weighing in. Where were they when Reagan and Bush ran up the deficits?

    Stein is another extreme right wing piece of trash. Who cares what he thinks?

  • http://stockmarket618.wordpress.com Grand Supercycle

    Numerous charts reflect uncertainty and lack of consensus by market participants but one chart pattern has remained constant:

    Monthly S&P500 ~ http://wp.me/pTrb8-1kx

  • Kevin

    Gary2

    Tax the rich all you want. At best you can slow up the rate of decline the working class is feeling. The US is loosing 50 billion per month in wealth due to the Free Trade agreements that both parties supported with huge majorities. Tax the rich and hand the previously well paid industrial worker welfare telling him/her that your their friend after you facilitated the demise of their former well paying job.

    Your arguing over crumbs left on the table after Wall Street sent their payed for politicians from both parties to clean up the meat and potatoes.

    All this “right verses left” debate does is takes the body politics eyes off the true causes.

  • Jonas Harbaugh

    All of this back and forth debate about who should be taxed and how much is a waste of time. Bottom line is that the REAL rich like GE and other corporations who pay nothing in tax still won’t be taxed under any new tax hikes. Taxing the upper middle class more will more likely result in them spending less into the real economy that trickles down to the lower middle class and poor. It is also necessary to point out that if we tell the FED they can stuff it with their fraudulent debt, the capital that would instantly become available to the private sector would be staggering because the income tax would be unnecessary. We don’t owe a private bank interest on debt they created out of nothing and continue to artificially inflate through fractional reserve banking.

  • Faux Gary

    Gary2, the leaping liberal crybaby, is wealthier than I am. I think I should be allowed to tax the crap out of him and redistribute it to myself. If he objects, I should be allowed to twist the law into a self-serving mockery of what it once was (like the Obama administration does) and severely penalize or imprison him for failure to support my every whim. Why should I work to try to build a future and get ahead on my own merits? I should just tax Gary2 until he finally surrenders to my socialist utopian vision, which he apparently is too stupid to embrace.

    • http://www.VitamixLady.com Lea Ann

      LOL Faux Gary – thanks for the laugh! I agree.

  • steve mawson

    **correction to earlier post**
    Ahem. Mr Stein, is wrong in at least one instance. Argentina, one of the largest countries in South America – is lumped into one basket with a broadbrush and incorrect statement “There are huge problems in Australia, South America, and Russia. Corn, wheat, rice and other foodstuff prices are just going wild.”
    WRONG ! Argentina has had several years of sustained SOY production growth, bumper years of sales and earnings as a result. And Argentina is perhaps the 2nd largest producer of soy IN THE WORLD. Other crops (many replaced by the move to soy) have not suffered in terms of productivity despite reduced overall production levels. Either Mr Stein doesn’t do his research, or he likes to exaggerate to suit his needs thinking that few people INside the US know much about the rest of the world (true) so they can’t challenge his views. Sorry Mr Stein. I live in Argentina. And I am a farmer. Take that.

  • randy

    ben stein is an insider. even tho’ he is correct about the state of the us why is he sounding the death knell when his masteres are the ones destroying us? is he trying to gain respect that will endear conservatives to his tax the rich message? makes you wonder?

  • OLDVET

    IMPROVISE-ADAPT-OVERCOME—SEMPER FI

  • Gary2

    GARY2, go volunteer at a food bank and really see what’s going on out there instead of buying the propaganda.

    I do already and have for years. I do not doubt what you say regarding lazy druggie slugs and how they abuse the system. I can only see on my research that this is 2-5%. These programs really help the other 95%. Regarding the availability of free meals I do not know where you live but that’s not the case around here. Also the food one gets at the pantries about 50% is marginal at best.

    I wish we could get more donations. How do you do it?

  • Richard Allen

    Lets face it America is SOS…Stuck On Stupid

    Its next to impossible to get anyone smart to talk to about a J.O.B…

    The Dumbing down of this country by forcing people to listen to rap hip hop and brain dead pop 24/7… WAS PLANNED

    But for what outcome??? When China demands repatriation or FULL payback of the money they lent us, they would need millions of people so dumb and PASSIVE to work in sweatshop factiores that have been closed the last 20 years.

    Why isn’t the big OH demanding black people read,write and speak ENGLISH to graduate to the next grade.

    In fact we should demand welfare recipients to learn English or lose bennies. Or better yet demand prisoners read the New York Times in front of a parole board to gain early release.

  • Terry

    As a landlord I cleaned out an apartment and was surprised the kitchen cabinets did not fall of the wall. I found large quantities of food from food pantries unopened. Obviously all that was used was the microwavable stuff.

    I have a brother who worked for a food distributer that donated to pantries. His boss was told on numerous occasions that the pantry would accept a donation if the company delivered (the company’s truck and driver).

    I have an old friend who was a meat cutter in a grocery store who said you could tell who was on food stamps because they did not even look at prices.

    I will not even start on the entitlement mentality of many members of my extended family. Just pick the stereotype of your choice and that probably describes one of them (it is no accident that I live a considerable distance from them).

  • Dan

    Wow. All I read in these comments is back and forth about the rich. It is funny that you all are arguing about taxes and you are completely missing the big elephant (problem) in the room. The federal reserve is printing money out with no backing and giving it to the government to spend. That is causing the inflation. You take that (printing) away and you will have lower prices. The answer is not more taxes, yet! Let’s stop digging the hole first, let the chips fall where they may, and then we can figure out taxes. Let’s keep our eye on the ball.

  • jet66

    It’s really depressing when you use the CPI calculator see how much a dollar was worth back in 1913 right before the FED came into existence. The Fed has no choice but to raise the interest rates, before inflation gets out of control! They say China holds 1 trillion of our treasuries along with many other countries. If the US Dollar no longer becomes world reserve currency it’s game over! The key to fixing this mess is strengthening the dollar start manufacturing in the US so we have Real GDP Growth and get rid of The IRS, tell the environmentalist the leave the country or go live in a cave! And have flat Tax or a Fair Tax along with shrining the Federal Government. I do not hold economic degree or have a college education. If we do not do all that is mentioned above the US will cease to exist!

  • Lennie Pike

    One thing only – Banksters do not have any law to answer to.

    Criminals run our lives, and we just sit there and take it.

    Gold and silver are money.

  • Bob

    If you think inflation is bad in the US then consider how much worse it is in the UK?

    If you think it is bad in the UK consider jut how much worse it is in European countries such as Ireland, Greece, Portugal and Spain.

    If you think it is bad in Europe consider how much worse it is in the Middle East where we are seeing people riot over the price of food.

    If you think it is bad in the Middle East consider how much worse it is in Africa where people go hungry because they cannot afford to buy food.

    Ben Bernanke and the US Fed is making the banksters super rich whilst making hundreds of millions of people around the work poorer and go hungry.

    Ben Bernanke and the US Fed is creating resentment and hatred of the US – it is creating millions of more Bin Ladens. How foolish, how stupid, how naive is Helicopter Ben.

    I fear that the people of the US will be paying for Helicopter Ben’s foolish policy of QE for decades to come as millions turn their hunger into anger against the US.

    The American people need to stop Ben and his cronies ASAP.

  • Discouraged1

    Gold and silver are money, but you better make sure the government doesn’t know about it lest they confiscate it using some phony reason.

  • Dave

    The only way out of this trap is to allow those that hustle and are smart to keep all of what they earn, then the greediest among us (democrats, commies) will be able to start the whole redistributionist schemes once again for another century of fat living for all.
    You “spread the wealth” idiots are incapable of seeing this

  • mogar

    Interesting discussion going on here. What I find most interesting is the pro welfare mob’s argument that in as much as we have not eradicated poverty we should throw ever greater amounts of money at the problem. I guess because that has worked so well in the past, right.

    In the end it’s not going to matter. The system is breaking down regardless of who the class warfare bunch want to go after. It will have very little to do with the rich or the poor and everything to do with monetary policy.

    The rude awakening will soon be visited on those firmly attached to the government teat. That teat will be going dry soon and abruptly. Then the hordes of class warfare freaks will run around pointing at all the “rich” people, who won’t be rich anymore by the way, yelling that its their fault.

    Should be interesting to watch these freaks that are completely incapable of reasoned linear thought whip out their circular chicken and egg theories on what went wrong.

  • Bob

    Wow. Ben has finally admitted the obvious.

    Teh US is only abe to issue new debt at low interest rates now because the Fed is buying most of the debt.

    When that stops, game over for bonds. they can’t let that happen, so more money creation and continued Fed buying of debt, so more inflation.

    Obvious to even the mentally challenged, like mw.

  • Bob

    Wow. Ben has finally admitted the obvious.

    The US is only able to issue new debt at low interest rates now because the Fed is buying most of the debt.

    When that stops, game over for bonds. They can’t let that happen, so more money creation and continued Fed buying of debt, so more inflation.

    Obvious to even the mentally challenged, like mw.

  • http://www.pathtoasia.com rhea

    The dollar dropped like a rock today. The politicians know this is coming. Have you noticed the silence from them lately? It makes me sick to think of them hunkering down fat & happy in a bunker somewhere while the rest of us are left to duke it out.

    We help Americans find jobs and prosperity in Asia. For details, visit http://www.pathtoasia.com/jobs1/

  • Richard

    The Empire is done. May God have mercy on this country. We have lost what it means to be an American. Our founding was based on Christianity and now it is based on wealth and possession. Easter was yesterday and we should remember what it means. Our failure didn’t happen overnight. The church and not the government should be the center of this country.

  • Seymour Kleirly

    Pay attention, money is secondary to security, if you do not own at least a small battery of firearms and a smallpile of ammo….better get to it. The first amendment is touted as the most important, however without the second, the first means nothing. Just ask a german jew. Stein is correct,inflation will drown us. 2015 a loaf of good bread will be $15. Fight at the ballott box,even if you think guys like Ron Paul have a shrill little voice,listen to them and give them the benefit of the doubt.

  • Idahoser

    How is it that anybody wanting “progressive” taxation can actually complain about anybody who actually pays taxes, not paying their “fair” share?
    Progressive has an opposite, but it isn’t “regressive”, it’s “FAIR”.

    ANY system that has a group of people who, paying nothing for government, nevertheless get to vote on how it is used. This absolutely guarantees failure, as we are seeing today.

    You can do two things to fix this. We will do neither, and we are doomed.

    1) refuse to allow people who pay no taxes to vote.
    2) make paying taxes “really” fair, everyone pays the same rate. NO exceptions.

    There simply is no other way, and we will do neither.

  • Disgusted American

    You know that this site and the comments from Gary2 and others must be striking a chord when someone gets on here and suggests they get censored.

    “Realist” is the worst. Like anybody really believes they work in a food bank. Try something less transparent next time, hater.

    And there is a class war going on, and it was started by the rich, hating on everybody else.

  • Lennie Pike

    From my cold dead bony bloody fingers.

  • Lennie Pike

    Ben Stein was on the same business news channel program with Peter Schiff as Mr. Schiff was warning of a collapse of housing and an econonmic depression occurring very soon.

    Ben Stein said he was crazy and and idiot.

    Why listen to what Ben Stein has to say anymore even if he happens to be correct?

  • Justin

    Ben Stein should say only one short sentance “Peter Schiff was right 5 years ago”. watch minute number 5:00

    http://www.youtube.com/watch?v=Aq1N70vym1g&feature=related

  • thejerkstore

    Ah yes Ben Stein, the infamous dope whose father Herbert Stein worked in the Nixon/Ford admin. He of the articulate phrase “”If something cannot go on forever, it will stop,” Course that was said way back in the early 70’s before he and the poster boy of the right Uncle Milton detached us from gold because currencies would “self regulate”. Yea. That worked out great. 40 yrs later I guess he’s right. Bueller?Bueller?Bueller?

  • pat

    I remember Ben being interviewed on CNBC at the height of the housing frenzy, debating whether house values where to high. He opined that there was no housing value bubble and people that warned of an impending decline where misinformed. He was so sure of himself, being an author and expert on financial matters. His credibility is shot because he was either clueless or a lying…. I suspect the former.

  • http://www.fairtax.org/site/PageServer Dragon

    There are over twenty trillion dollars in big banks on little islands. These huge banks — and all of them participate in trying to keep companies from paying taxes — would see all of that money return to wherever it came from if we had the FairTax.

    At least 11 million illegal aliens would be paying taxes for a change, along with international tourists, and all manner of criminals who, naturally, do not want to be caught.

    This last paragraph would mean that there would be more revenue onto federal coffers than the designers of the FairTax ever anticipated.

    I wish I had more time, but I’m bushed, for now.

  • http://www.battlefield315.com/2011/04/what-liberals-really-think-about-tea.html 007

    Anyone having trouble reasoning with Gary2 should watch this video. Going viral. It may help to understand the poor boy.

    http://www.battlefield315.com/2011/04/what-liberals-really-think-about-tea.html

  • Disgusted American

    The poster who calls himself “007” does not deserve the moniker. James Bond is cool, doesn’t engage name calling, uses his brains and wits to win. The 007 is kind of a bully, really offputting.

    Dude, come up with a new name that suits you better, like HitlerLover or something like that. Cool?

  • adp

    “Of course it’s sick to have poor children in a nation that’s as rich as we are, “:

    But the point is that we are NOT rich anymore. We run around pretending to be so when we are not. That is the reality shift that has NOT taken place in the subconscious of Americans even among those who know what is really going on with this economy.

  • http://www.fairtax.org/site/PageServer Dragon

    One thing people can do is to get rid of the notion that they have to work for somebody else. Lots of ways of making money if they just think about it.

  • Jack Mason

    This article claims that “We are locked into a debt spiral from which there is no escape.”

    Yet, monetary expert Bill Still (The Money Masters / The Secret of Oz) has outlined a plan which can get us out of this tragedy waiting to happen. 1) Make the Federal Reserve merely a clearing house for US Notes issued by the Treasury. 2) Have the Treasury issue US notes in return for government debt in the amount of $1 trillion per month 3) Increase the reserve requirement ratio by 7% each month as the debt is being liquidated until the end of approximately 14 months all debt has been paid off and the banking system is at 100% reserve banking – ie. no more fractional reserve banking. The national debt will be paid off with newly created US Notes, all Federal Reserve notes can be exchanged for US Notes at 1 to 1 and banks can only loan money they have in reserve. Rates will be determined by the market for money, no more by a central clan of crooks. Inflation will not be anywhere near what it will become in the next few years by staying the course. The money system then will have to be under the direction of the Congress but at least there will never ever be a national debt again because the Treasury can just issue new US Notes to cover any budget shortfall – the electorate will have to watch the Congress and make sure they don’t go wild…but even if they do as they as they have been, it’s just new money not new debt money and it’s not fractional reserve money (ie. high powered money)…so we will be a lot better off with some inflation rather than major inflation and looming debt.

  • 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)

    C’mon, Ben Stein is an ‘insider’

    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!

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