The Beginning Of The End
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The 15 Trillion Dollar Party

If you knew that you could live in luxury for the rest of your life but that by doing so it would absolutely destroy the future for your children, your grandchildren and your great-grandchildren would you do it?  Well, that is exactly what we are doing as a nation.  Over the past several decades, we have stolen 15 trillion dollars from future generations so that we could enjoy a dramatically inflated level of prosperity.  Our 15 trillion dollar party has been a lot of fun, but what we have done to our children and our grandchildren has been beyond criminal.  We ran up the greatest mountain of debt in the history of the planet and we are sticking them with the bill.  Sadly, both political parties have been responsible for the big spending that has been going on.  Both Democrats and Republicans have run up huge budget deficits when in power.  But instead of learning the hard lessons of the past, both political parties continue to vote for even more debt.  They would rather continue to steal trillions of dollars from future generations than have the party end and have to face the consequences.

And the consequences will be dramatic when the party ends.  During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars.  That means that the U.S. government spent about 1.3 trillion dollars that it did not have.  It is important to understand that even if the U.S. government spent that 1.3 trillion dollars on really stupid things, that money still got into the pockets of ordinary Americans who then spent it on things like food, gas, housing, etc.  In turn, most of those that received money from providing those goods and services would spend it on other things.

So extra government spending can definitely stimulate the economy.  The problem is that we have been doing it permanently.  Since 1975, we have added more than 15 trillion dollars to the national debt.  This has fueled a false prosperity that was way beyond what we could afford.

If the U.S. government tried to go to a balanced budget now, our standard of living would crash and there would be riots in the streets.  The American people have been enjoying false prosperity for so long that they have lost any notion of what "normal" actually is.

Think of it this way.  If your family makes $40,000 this year and you spend an extra $20,000 on your credit cards, your family would be enjoying a false sense of prosperity.

You could do that year after year as long as the credit card companies keep loaning you more money.

But debt always catches up with you in the end.

It is the same thing with the United States.

We have been running up our national credit card balance and the interest payments have become quite painful.

The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.

That is 454 billion dollars that the people of the United States do not receive anything in return for.

So in order to keep up with interest on the national debt and to enjoy a standard of living that is beyond our means we now have to run deficits that are in excess of a trillion dollars every single year.

And a trillion dollars is a staggering amount of money.

If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

Since Barack Obama was elected, the U.S. government has added about 5 trillion more dollars to the national debt.

That kind of debt is a recipe for national financial suicide.

How are we supposed to explain to our children that we are passing a debt of $15,579,852,946,457.64 down to them?

At this point, the United States government is responsible for more than a third of all the government debt in the entire world.

The 15 trillion dollar party that we have been enjoying has been amazing, but all of that debt is soon going to bring us a tremendous amount of pain.

And there is really no way out under our current financial system.  As our population ages, government budget deficits are projected to spiral wildly out of control in future years.

Already, entitlement programs are starting to cause massive problems.  For example, mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011.  That was not supposed to happen until 50 years from now.

If the federal government used GAAP (Generally Accepted Accounting Principles) like all publicly-traded corporations are required to do, the situation would be much worse.

The truth is that the U.S. government never had a "balanced budget" during the end of the Clinton administration.  The federal government was borrowing gigantic amounts of money from the Social Security trust fund to finance regular government operations.  It was a big fraud.  Under GAAP, there would have been huge budget deficits during those years.

And even under the non-GAAP numbers used by the U.S. Treasury Department, the U.S. national debt still increased every single year during the Clinton administration.

So let's get real.

Our national financial situation has always been much worse than we have been told.

It has been estimated that our current budget deficits would be in the neighborhood of 4 to 5 trillion dollars under GAAP.

And looking down the road a bit, we are facing a tsunami of unfunded liabilities that is absolutely nightmarish.

In other words, we have committed ourselves to tens of trillions of dollars of expenses that we don't have any money for.

According to Professor Laurence J. Kotlikoff, the U.S. is facing a "fiscal gap" of over 200 trillion dollars in the coming years.  The following is a brief excerpt from a recent article that he did for CNN....

The government's total indebtedness -- its fiscal gap -- now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations -- including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt -- and all projected future taxes.

And it just keeps getting worse.  Recently it was revealed that Obamacare will add 17 trillion dollars more to our long-term unfunded obligations.

Basically what we have done is we have committed future generations to a life of endless debt slavery to pay for our debts and for the financial promises that we have made.

How could we be so stupid?

Of course this entire fraudulent system is going to completely collapse before we get too much farther down the road anyway.  Right now the whole thing is essentially being held together by chicken wire and duct tape.

Most Americans do not realize this, but the Federal Reserve bought approximately 61 percent of all government debt issued by the U.S. Treasury Department in 2011.

Normally, the Federal Reserve is not supposed to be doing this.

But right now there are not nearly enough buyers of U.S. government debt at the super low interest rates that the U.S. government wants to pay.  A recent Money News article explained that foreigners have been increasingly shying away from U.S. debt....

"In 2009, such foreign purchases of U.S. debt amounted to 6 percent of GDP and has since falled by over eighty percent to a paltry 0.9 percent."

Instead of interest rates on U.S. Treasuries rising to attract additional investors, the U.S. Federal Reserve has been intervening to make up the difference.

This is essentially "monetizing the debt" and it is something that Ben Bernanke promised that he would never do.

But he is doing it.

If the Federal Reserve was not buying up all this debt, interest rates on U.S. debt would soar and so would U.S. government interest payments.

Yes, this is a giant Ponzi scheme and it cannot last for long.

Of course all of this could have been avoided if our politicians had not been running up such massive amounts of debt all these years.

Some have suggested that our problems could be solved by simply increasing taxes on the wealthy.

Well, the truth is that the top 5 percent of all income earners already pay nearly 50 percent of all federal taxes and soaking them even more will not even come close to solving the federal budget crisis.

For example, if Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.

And as Bill Whittle has shown, you could take every single penny that every American earns above $250,000 and it would only fund about 38 percent of the federal budget.

So taxing the wealthy will certainly not solve all of our problems.

In fact, when you tax the wealthy and the "somewhat wealthy" it slows economic growth in a number of different ways.

Number one, they have less money to spend into the economy.

Number two, they have less money to invest in business activities.

Number three, it gives wealthy individuals and corporations more of an incentive to move out of the United States.  As I have written about previously, the global elite are already hiding about 18 trillion dollars in offshore banks.  The U.S. government keeps trying to tap into all of that offshore wealth, but the elite always seem to be a few steps ahead of the game.

Yes, we should try to close loopholes in the tax system, but the truth is that the root cause of our problem is that the federal government is simply spending way, way too much money.

Right now, spending by the federal government accounts for about 24 percent of GDP.  Back in 2001, it accounted for just 18 percent.

But our politicians always want to put off spending cuts for another day because they know that immediate spending cuts would really hurt the economy.

For example, just check out this recent quote from White House Chief of Staff Jack Lew....

“The time for austerity is not today,” Lew told NBC News “Meet the Press.” “If we were to put in austerity measures right now, it would take the economy in the wrong way.”

Yes, the Obama administration definitely does not want to hurt the economy with an election coming up in a few months.

So when will it be time to seriously cut government spending?

The day never seems to arrive.

But even though the federal government has been pumping more than a trillion extra dollars into the economy every year, the economy has not shown much improvement.  The percentage of working age Americans that have jobs has barely budged for over two years.

Yes, the policies of the Obama administration have stabilized the U.S. economy for the moment, but if he was actually going to tell the truth he would say something like this....

"By mortgaging the future of our children and our grand-children I have stabilized our economic statistics for the short-term.   Unfortunately, I am going to have to continue to financially abuse future generations to keep us from falling into another Great Depression.  Meanwhile, I am making our long-term financial problems far, far worse.  But the most important thing is that I win re-election so that I can continue to be president.  Thank you for being so selfish and so willing to destroy the future of your children.  Vote for me in 2012 and let the party continue!"

Unfortunately, the party is going to come crashing to an end at some point.

Right now, the global financial system is based on the U.S. dollar and on U.S. government debt.

There will come a time when the rest of the world is going to get sick and tired of watching this Ponzi scheme play out and they are going to completely lose faith in the U.S. dollar and in U.S. government debt.  In fact, there are already signs that this is starting to happen.

When faith in our currency and our debt is completely gone, it will be nearly impossible to get back and the game will be over.

The false prosperity that we are experiencing right now is about as good as things are going to get.

Enjoy it while you still can, because when it is gone that will be the end of it.

Both the Democrats and the Republicans have failed us.  They played fast and loose with our future and they never planned for the long-term.

Now we are facing a collapse of unprecedented magnitude that most Americans will never even see coming.

A horrifying economic collapse is coming.

You better get ready for it.

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  • Ranger

    I hate dealing with the reality of your facts. Thank you far a well writen article. My bbuble has burst.

    • Michael

      I am glad that you wrestle with the articles even though you aren’t always comfortable with the facts presented in them. That is a sign of someone that is searching for the truth. :)

      Michael

      • gary2

        you aren’t always comfortable with the facts presented in them.

        Thats because the facts are few and far between and cherry picked out of context to favor a right wing (nut) bias.

  • Rodster

    Add Spain to the list of Countries feeling the effect of party money. Now they are implementing austerity measures like Greece and the protest and riots have begun.

  • Sid Davis

    One thing is certain; $15 trillion of debt will never be paid. First of all, it is a mathematical impossibility unless every man, woman, and child in the USA can pony up his ~$50,000 share now. And that share of government debt is on top of the approximate ~51,000 average personal debt of each of us. If not paid, interest will continue to compound and it will just get harder and harder to pay. And that does not address the unfunded liability for social security and medicare promises, which amounts to about $375,000 per person, on top of scheduled future payroll tax collections.

    It is not only mathematically impossible to pay these debts, but it is a joke to think anyone would believe default is not coming.

    Under the current monetary system where banks have the privilege of creating new money and loaning it into circulation, any expansion of the money supply means there must be an equal expansion of debt, so when people talk about hyper-inflating the money supply, I don’t see how that would clear one red cent of debt. Such an effort would only create more debt drag on the economy and insure perpetual depression.

    Unless the monetary system is changed it looks like deflationary debt collapse will ultimately occur. But the danger is that the federal government will abandon the current system in favor of something worse, i.e., printing and spending into circulation bills of credit, otherwise known as paper money (fiat), in order to pay its debts. Essentially this would be substituting non-interest bearing, worthless pieces of paper for some or all the debts outstanding, a pretend repayment, in which case we would have hyper-inflation and very few pieces to pick up after this financial debacle.

    In either case, I don’t see how the federal government can survive, and it is my hope that they will just slip into the night rather than force a violent three way struggle among the fascists in power, the collectivist/socialist/communist wanting more but different government, and those who value liberty wanting much less government.

    • mark

      Well said.

  • Ken Nohe

    Would the world be a better place if the Roman Empire was still there?
    Likewise the end of the American Empire may not be such a bad thing in the long term. It would be great if we could change our ways, but we can’t. So be it then. The end of oil will be our undoing. Our children will then learn a lesson: Not to do what we did! The harder we fall, the easier it will be to remember!

  • Sandy CPA

    Yes, unfortunately, every thing he says is true. Our Federal Debt bubble will burst at some point, without warning. The only question is, who will be in charge and what will be the consequences when the United States of America’s federal government goes bankrupt? Prepare your family accordingly. Prepare for the worse. Hopefully we will survive another year and stop the madness.

  • Rusty

    “The future of this nation isn’t worth a plug nickle.”

    Unknown SAC General.

  • Kevin2

    “Of course all of this could have been avoided if our politicians had not been running up such massive amounts of debt all these years.”

    If the government operated with a balanced budget for all of these years the public would have instantly felt the full economic impact of of the various trade / free trade policies that have eviscerated the US industrial base along with the associated manufacturing jobs. The public needed to be lulled into a dreamy sleep long enough for industry to flee. The debt fueled a service economy that was the narcotic that required higher and higher dosages to obtain the same result. In the end the user suffers severely.

  • Katy

    Michael,

    While I like your well-research economic pieces, I’d like to see more preparation articles. When you say, “You better get ready for it,” I want to have something else to read that will help me do just that. If you can go beyond the typical advice of water, food, and firearms, that would be great. Thanks for your hard work. I appreciate someone who writes using hard data.

    • Michael

      I will see what I can do Katy. :)

      Michael

  • TheIronYuppie

    Michael, the scary thing is that if you add up all the debt including federal, state and local government debt, credit cards, auto loans, mortgages, student loans,credit lines, other personal debt, corporate debt, etc., we are awash in it. We need to live within our means and when I say ‘we’ I mean government, companies, and individuals.

    • Michael

      Yes, you are exactly right. :)

      Michael

  • http://survivalrealestate.com TJ Jackson

    Great article! I realized that difficult times were coming many years ago and have been preparing. The bad news is that it is going to be far worse than you can imagine. Economic collapse and social destruction are the least of our problems. There is still time to prepare. Probably not much time but anything that you can set aside will increase the chances that you survive the coming destruction. Good luck, you and I will need it. Remember, the future belongs to the prepared.

  • callmecordelia1

    “Chicken wire and duct tape” lol. Even though your articles deal with heavy issues, I love the humor you throw in there. This is such a great article. Frightening and sobering, but very well written.

    • Michael

      Thank you for the compliment.

      And I try to throw a few zingers in there every once in a while. :)

      Michael

  • Laura

    I have been looking for answers as to what I can do for myself and my children. Most of the “prepper” blogs are focused on nonsense like “bugout” bags and surviving in the woods. I would like to see more articles from you that address this.

    There is one blog, Surviving in Argentina, by ferfal, which is a good start, and realistic. No zombies and such, just increased crime and more rawness.

    • mark

      Forget the bug out bags. Prepare to stay at home if you can. At least you have a bed and other tools that it takes to live. If many were to organize their neighborhoods, that would mean a lot. The problem that I see with neighborhoods is that most do not yet understand how bad the situation is. If your neighbors understand that they can prepare and help each other out then you will be much better off than the fools that think that they will bug out without a place to go. They will get out in the woods and starve to death or get killed trying to raid someone that lives out there. Remember that most of the folks that live out in the country are well armed and will have enough problems dealing with the many people that are their neighbors that have nothing much to live on. There is not much work out in the woods these days and the government control freaks in the EPA and other government agencys stop most new work out here.

  • Nick

    It doesn’t matter at this point. The system is beyond the point of no return.

    That debt just needs to be defaulted on, and it will be. In a way, it already has been. The Fed can just print money to fund the deficit, and that’s what they’re doing. At one point, they were buying up as much as 70% of US Treasury issuance. That’s a default. When you can print your own currency, it doesn’t make sense to literally default and just stop paying.

    I’m 27 and have no interest in re-paying that debt. Why would people younger than me care?

    There will simply be revolution. You see it in Greece. You see it in Ireland where about fifty percent failed to meet the deadline on their property taxes.

    People simply will not pay, especially as more and more come to realize that the monetary system is designed to enslave them with debt.

    You can only push people so far. When they become desperate and have nothing to lose, they lose it. There is still plenty of food and basic supplies in the United States; when that changes, there will be blood in the streets.

    http://www.zerohedge.com/news/fast-forward-through-fiats-fantastic-fabrications

  • mondobeyondo

    Our children, grandchildren and great-grandchildren will never forgive us for what we have done to them. We have sacrificed their hopes, dreams and futures for our “party time” during the past few decades.

    $454 million in interest on the debt?!! That is just the INTEREST. The PRINCIPAL is still there!

    If you can only afford to pay the interest, the principal will always be there!! You are not gaining any ground. In fact, you are losing ground, because if the interest rates rise (and they will – you can’t be close to 0% interest forever!!), you’ll be paying more and more towards the interest! Don’t you get it? You’re being pulled into the Death Star by a tractor beam! And Obi-Wan Kenobi is nowhere in sight!

    Now you are in a debt trap, which is another name for a black hole. Without immense help (outside assistance from friends, counselors, the International Monetary Fund, the World Bank, etc – and your inner willpower) – you will be doomed.

    BOTH interest and principal must be paid, if you are going to make any progress in reducing a debt. Whether it be your own personal student loan debt, your credit card debt, mortgage debt, or the national debt. It all works the same.

    Proverbs 22:7 is still relevant in this day and age. It may have gone out of style for awhile, but some things never change. Those who still don’t believe… are about to learn a very painful financial lesson.

    • http://lastdayrapture.blogspot.com/ TK

      +1 Our poor, poor children!

    • mondobeyondo

      This is why you will never get out of debt, if you pay only the minimum balance on your credit cards, student loans, etc. It’s set up that way.

  • gary2

    People invested when the taxes were 91% so this extra tax on the rich will hurt nothing but the rich.

    Demand is what drives growth not taxing the rich less. WTF have you not seen that your policies of tax cuts for the rich FAILED???

    So taxing the wealthy will certainly not solve all of our problems.

    In fact, when you tax the wealthy and the “somewhat wealthy” it slows economic growth in a number of different ways.

    Number one, they have less money to spend into the economy. Oh my heart bleeds-no yacht. cry me a fuckin river.

    Number two, they have less money to invest in business activities. Bull crap.

    Michael-you are so wrong the rich have way more than you think. They are paying the lowest tax ever. The dolts that say Obama is anti-business must not have heard corporations are sitting on record profits.

    So hows that trickle down crap workin out for you?

    Michael-you have either taken dumb pills or are pandering to the libertardian fools on this site.

    • Witness the End

      Gary, Gary, Gary…

      1. Cry for the poor slobs who build those yachts. If the rich cannot buy them, then they are out of a job.

      2. Is it really better that the government invest in business? I think that concept is called cronyism.

      and by the way… It was JFK who lowered the tax rate from 91% to 70%, which has been credited in spurring economic growth.

    • Tim

      You need to tone it down. There is no need for profanity.

  • gary2

    Michael’s bull ******:

    Well, the truth is that the top 5 percent of all income earners already pay nearly 50 percent of all federal taxes and soaking them even more will not even come close to solving the federal budget crisis.

    Gary2 facts and putting it into context:

    Michael-they also have 90% of the nations wealth. The top 400 richest people have more wealth and income than the bottom 150 million.

    By that measure they are way under-taxed.

    ******* is wrong with you lately??

    • Gary2

      there michael-I toned it down. I am appalled that you take things out of context. You are no better than fox when you do this.

    • Martin

      Gary2,

      You dim witted progressive, you are assuming the government is entitled to collect all the taxes it needs. There are few occasions when government spends money more wisely than the people from whom it is taxed. More often than not all the extra money governments can lay their hands on is used in the most wasteful of ways … to go to war.

  • McKinley Morganfield

    For 25 years our economy has been based upon easy credit and the ensuing debt that easy credit always creates. And, its just not DC; its state and municipal governments, and the private sector. Exact numbers are not easy to come by, but somewhere around 25% of USA GDP would instantly disappear without easy credit. The dot com bubble, the housing bubble, and now the equity bubble were all made possible by easy credit.

    We have to take the pain instead of allowing the central banksters to flood the world with liquidity (more debt) which will only make the eventual reckoning all the more painful. Unfortunately, that will not happen and it will all come tumbling down. When? No one can exactly predict the timeframe; but it will occur within 5 years, and given a black swan event it could happen in 5 hours.

    Here is the future: http://tomchao.com/hb.html

  • mondobeyondo

    How bad is it?

    The current federal debt is approximately $15,579,852,946,457.64.

    The recently much-hyped Mega Millions lottery jackpot was $640 million, won by 3 people.

    So let’s see, $14 trillion, 800 billion and something. Not bad. Forget it, my head hurts.

  • whteshark

    Michael,

    Why are you such a party pooper, man? Relax, chill out, dude, enjoy the show. Everything’s going to be alright.

    Once I collapse the system I’ll be able to do away with The Pesky Constitution once and for all while imposing my socialist utopia on the country.

    If you keep warning people like this they might do something crazy and prep, buy guns in record numbers, and God forbid even resist.

    I can’t have that, my man, I have a nation to wreck. So, do me a favor and write about how glorious I am for a while.

    Thanks Dude,

    Barack Obama

    • Michael

      LOL – that made me smile. :)

      Michael

  • Curt

    It is not just US, most of the world is doing the same thing. Japan is closing in on one Quadrillion Yen debt. The Euro zone is out printing the fed, in the last few years.

    In Greece, Italy, and Spain they are proving that cutting back just makes the problem worse as their economies go into freefall.

    I agree the spending needs to stop, but I can’t see a way to do it, without sever pain. The best course may be to default on all the huge debts. The people it hurts the worst will be the big boys who made the most money on it in the first place.

    Total default by The US, Japan, and the Euro zone all at once will be devastating, but we would heal faster than if we tried to cut back spending and drag this out for decades.

  • Steve

    Hi Michael

    I read your articles with interest as I anticipate a world wide economic and financial collapse in the future too. I’m from Australia. I honestly don’t believe there is any way out of the dire situation. Where you suggest not raising taxes on the rich, surely you wouldn’t suggest raising taxes on the poor working classes? Surely you wouldn’t recommend dismantling all government benefits to all people, or even all classes, such as the unemployed who genuinely look for employment? Australia monitors the unemployed through a policy of mutual obligation and case management, helping to find worl or otherwise remain engaged and skilled with vocational and non-vocational courses. But anyway, interesting reading.

    • Michael

      Steve:

      I believe that the United States needs to completely abandon the current debt-based currency system and unfair taxation system.

      And it is great to hear from someone in Australia – when things fall apart in the U.S. I have a feeling that a while lot of Americans are going to want to move in down there.

      Michael

  • Agenda 21 is real

    Emmmm, not to sure most Americans feel or believe they lived a 15 trillion dolar party. I know I can speak for myself. Worked since age 16, through high school, worked through college, worked well into my 50s, and will probably die working. Not so I can live a 15trillion party at the expense of future generations, but to survive in one of the most expensive country in the world.
    Maybe our open door policy lead to 15 trillion in debt, but not hard working americans.

  • Me

    So then how does this actually play out?

    Let us assume we can never pay it back. Got that part.

    So question is, who do we owe it to? And what *cough* exactly will we do to them to prevent them from ever collecting, because that’s what we’re really talking about here, isn’t it?

    Well, that and of course a reduction in standard of living, as, even if we stop whoever it is from collecting, we won’t be able to borrow anymore.

    So basically, who are we looking to blow up right at the moment? I mean… what else is there? It’s either that or get everyone to agree to simply erase it (and once again not be able to borrow anymore)…

  • tappedops

    Ok Class…Quiet please…. repeat after me—

    Command and control…

    Full Spectrom Domanance…

    Scorched Earth Policy…

    Very good class…

  • MB92083

    And as Bill Whittle has shown, you could take every single penny that every American earns above $250,000 and it would only fund about 38 percent of the federal budget. So taxing the wealthy will certainly not solve all of our problems.

    GARY2 is not going to like this article too much Michael.

    • Gary2

      Bill Whittle gives a simplistic and wrong analysis and he is disproves many times over.

      I know the conservatives can only understand simple concepts so I am not surprised you like his drivel.

      • MB92083

        This from a man with a muppett as his avatar.

        • mark

          Ha, Ha, Ha, that was great!

  • davidmpark

    Ok, so we have nearing 16 trillion debt bomb with a lit fuse.

    An aging population that will require 1/4 to 1/3 of my income for their daily expenses.

    A pending electrical, natural gas, and jobs shortage.

    Actual gasoline and food shortages.

    All out assaults on Christ’s church and the traditional family.

    A drug, booze, and sex culture that is now mainstream.

    Ineffective and corrupt governments on many levels and sectors that is beginning to collapse with access to nuclear weapons.

    Most of the world is calling for our deaths…

    And to top that off: I have three children under 10 years, a severely disabled wife, a psychotic extended family, a part-time job, no land ownership, and problems of my own…

    And I’m only 33.

    :)

    We’ll do alright guys. We’ll get through this. Christ will bless us and it’ll work out.

  • Old Man

    America runaway debt culture started 20 years ago. The Federal government worship the US Treasury bonds. The local governments worship the Muni bonds. And the people worship credit cards and FICO scores. All warnings were ignored and drown out.

    Today, $15 trillion in the hole on the public side, another $15 trillion in the hole on the private side, and no way to stop digging the hole.

    It is way too late to fix this with any kind of planning or sacrifice. It will fix itself. In a revolution and national breakup. Am I an alarmist? Just check out history. They have always been fixed that way. No exception. Check it out:

    - War. Well, the winner takes everything and the loser get enslaved. Remember 1870-1900? Luckily, there was the West and both sides of the Civil War proceed to plunder the West. The American natives became the ultimate loser. But where would a bankrupt America plunder? There is no more wild west. Should have thought of that when the digging started.

    - Secession. Simple: you secede and you can default your debt and dare the other side doing anything about it.

    - Revolution. The new government simply cancels all the previous government owes! Exactly what Napoleon did after he came to power. It worked, kinda. See, he still had to go and try to take over Europe.

  • Alex

    I am from Europe and my country(Bulgaria) has lived through a hyperinflation. When that’s a small country that needs to pay it’s national debt in a foreign currency, this is very bad…you have to search for a loan by the international monetary fund, the World bank or another organization. I am not a financial expert, but if the debt of the USA is in dollars, could inflation be actually a good thing in the long term…I mean, look at Zimbabwe, if the economy is in a huge turmoil and there is hyperinflation, one suitcase of dollars would pay off the national debt…China cannot make a war with USA…all they can is to stop lending money…which could be very very bad of course…but I do not think that the life of the average Joe would be threatened. Though that American people may be at the end of an era where they can wave goodbye their good, abundant lifestyle…

  • http://goldenladyfun.blogspot.com Pat

    Let me just tell you from Europe, none of that 15 Trillion was never seen here in Europe by the people. We Europeans are as poor as ever despite the 15T. The government school had my daughter’s class marching through the streets singing about how poor we are and that was two years before the 15T was ever given.

    I might also add that if you think all they want is your money you have another thing coming. The U.N. has taken your military, land, roads, water, sewage systems, trees, houses, farms, food, seeds, oil, rivers, courts, technology, medical system, space program, education and children. They now are taking your tax money directly. Even your bodies, blood and DNA belong to them thanks to people like Bill Gates and your money you paid him for useless software that allows them to spy on you. You are not allowed to believe in God or Jesus and worship. No Christmas, no Easter, No Christianity. You own nothing.

    Their intention, I believe, is to wreck America because you people are too independent to be ruled and have a concept of freedom, liberty, personal rights, and God that are inconsistent with the U.N. mandate. The rest of this world has no concept of those things.

    Their excuse for taking your stuff is: Climate change, too many people on the planet and fairness to poor countries which they helped create. These folks mean what they say. Americans have to go.

    When 911 happened, I was in Sweden at the time. I wondered why the people were dancing around and celebrating, bragging about “America is going down”. Don’t get me wrong it was not the Scandinavians partying. They were crying for us. It was Palestinians and Israelis doing the dancing and laughing as the Twin Towers smoked on TV. My son and I were actually accosted by a group of Muslim teenagers as we made our way back to the safety of our home. I will never forget that.

    There was always an anti-American feeling when we moved abroad. But it was just below the surface. When 911 happened it seemed to erupt and we found ourselves on the defensive.

    My point is I believe that this was the plan all along. To antagonize as many people as possible so that America (the people) would have no sympathizers when they dismantled the great machine.

    I know you have it hard in America. All my family live there. But from my perspective over here, I can see that the decision to destroy the great and successful experiment has already been made. They just never told you.

    Get ready now!

    Goldenladyfun

  • Nexus789

    The perversity of all this is that it makes it seem that the US nation as a whole has been having a grand time. It should be pointed out that 90% of the ‘wealth’ has been enjoyed by perhaps 5% of the population but 95% of the population will suffer the consequences.

    • Gary2

      And these foolish dolts keep saying the rich are overtaxed. They have 90% of the wealth but only pay 50% of the federal taxes??? WTF they are under-taxed.

    • McKinley Morganfield

      Nexus,

      I’m curious that you seem to believe its only the favorite few percent of the day that is the problem. Everyone who refuses to live within their means and everyone who expects government to come to the rescue is a part of the problem. From the TBTF banksters to the Gary2s of the world, its those who can not live within their means or take the consequences of the choices who have created this debt (public and private) problem.

  • chiller

    And with all of the invasive/oppressive laws our, and I use this term very loosely, “political leaders”, have been coming up with, directed directly at the American people, it’s obvious they are attempting preemptive strikes on us knowing full well we will be very upset once the full ramifications of their despicable ways are realized by all.

  • Paul

    “Now we are facing a collapse of unprecedented magnitude that most Americans will never even see coming.”

    That’s funny.

    You know what that sentence was called 20 years ago?

    “Communist Horror Propaganda”

    LOL

    In 2008 when I asked at a job interview how their company is preparing for the coming recession, the interviewer got hysterical: “There is no such thing as a recession. I will never hear that word again!”

    No point in working for a blind management.

  • grandpa

    We who…. im still wrenching on the same junk i had 15 yrs ago…

  • stan

    At least we still have Dear Leader, Barack Hussein Obama to lead and guide us. Whether you like him or not, you must admit that he has kept this grand old ship afloat! He has worked tirelessly night and day since he was given this burden to save us and he has just about done it.

    The Leader is about halfway through his task of saving us. He need 4 more years! Hope and change takes 8 years. I urge you guys to support our Leader with your thoughts and prayers and hard work and your votes and your money. Support him as he has supported us! Don’t lose faith in him now!

  • Government Guy

    I have lived out this scenario on a personal level and the end result is not pretty. While still in college I married an aspiring teacher who decided to become a doctor instead. I worked my way through college while she focused on her private school education which was subsidized by my student loans and credit cards. I bought us an office building for her practice that we could live above and purchased equipment used so that we could open the office as soon as she got licensed. She divorced me the first year she made money. I lost everything in the resulting bankruptcy. She still has her debt free practice.

  • wheedle

    Nothing will change until after a complete economic systemic failure occurs. Then the global Blame Game of who caused this will throw the world into another World War. Our existence is going to become very difficult and people should plan for some serious, life changing, hard times to come.
    Gear Up & Good Luck

    “There is nothing new in the world except the history you do not know.” President Harry Truman

  • William

    When Clinton left the White House, the national debt was $5.7 Trillion. In waltzes the Smirking Chimp and war criminal Bush, who, with two tax cuts the nation could not afford, and two unfunded wars, smirked out in Jan of 2009 with the national debt over $10 Trillion, and a failing economy. During Bush’s eight years in office, there was NO regulation, or enforcement of the law, which allowed the banks and Wall St ro run wild, creating the largest economic contraction since the 1930s. Yes, the failed Obummer, not a natural born citizen of the USA, has been bad for the debt and deficit….but, let us remember who really started this decline of America. In case you are BRAIN DEAD, I will tell you that person is BUSH, assisted by evil Republicans in the US Congress. The only HOPE that America has is to vote out the incumbents in the US Congress.

    • knightowl77

      So by your numbers GWB added $4.3 trillion to the debt in 8 years, even after new drug programs, and having two wars that he didn’t pay for. Is that right?

      Yet Obummer has added more than $4.3 Trillion to the debt in less than 4 years and what does he have to show for it?

      You don’t like Bush, is that it? Maybe you should get over the “Smirking Chimp and the war criminal Bush thing which makes you sound like you have BDS (Bush Derangement Syndrome). Obummer is now in office, and is spending more money faster than GWB ever thought of. Obummer the peace prize winner is also killing people (including Americans) with drones in more countries and is building military bases in Africa from which to launch more drones and kill more people, but he has a peace prize so its ok…

      • Gay Veteran

        Both Bush AND Obama are war criminals.

        Have to somewhat agree (for once!) with knightowl77. Excuse me while I go see if it is raining cats and dogs

  • Trialboy

    You can do all the hand wringing that you want but these are the real facts. The deficits do not matter as long as we have the world’s largest military and nuclear weapons. Who will collect on these debts? We also own the printing press for the world’s currency and we simply print what we need when we need it. That is why there will NEVER be a return to the gold standard. We are the world’s largest consumer so we have to be kept flush with cash to keep the production in other countries going. If we are not here who do they sell to? We are not Greece as economically we create our own reality. To suggest that we implement an austerity program in a recession or downturn is utter nonsense. Moreover if cuts are to be made the starting point should be the insane military spending. Removing all of the troops from Afghanistan would be a wonderful start. This web site has been predicting disaster for years using the same statistics and dire warnings and nothing has happened. Moreover, most of the deficits were incurred under the Bush administration and the proposed Ryan budget actually increases the deficits for all of it’s draconian cuts. So no matter what happens and who gets elected the deficits will remain and increase. Obviously the folks running this show are not too worried about it as it is all a construct that allows the political parties to share power in a system that will not change in meaningful ways. Folks should worry about the problems they can address individually. The deficit is simply not that type of problem and there is nothing that can or will be done about it. Instead of trying to frighten people you should advocate that folks insist that social welfare spending be maintained or increased to protect their own interests because no one in government is looking out for them.

  • Crgesus

    “Now we are facing a collapse of unprecedented magnitude that most Americans will never even see coming.”

    This statement is too true. I try to explain it at all to people and I’m laughed at. They dont care or want to know how economies work, and the long-term conditioning is so perverse that these poor souls can’t comprehend what true depression rioting and government crackdown will actually be like in today’s day and age. The system has been in place for a long time, and the NWO’s plan is almost come to fruition.

  • Tim

    Excellent article.

    We are halfway through fiscal year 2012, which began on 10/1/11. In the first half of this fiscal year, the federal debt increased nearly $800 billion! And we still have six months to go. This year’s budget deficit will undoubtedly exceed $1 trillion, as it has for the past three fiscal years.

    I’m amazed that they’ve kept this going for as long as they have. I wonder how much longer they can keep it going. Not much longer, that’s for certain.

  • Josh

    The velocity of money plummets as our debt clogged financial system grinds to a halt:

    http://chart.ly/8pp86k6

  • jox

    I think that the way conservatives want to end the debt is worst than the debt itself. You always attack the money spent in helping the poor (pejoratively denominated as ‘entitlement programs’) while defending the standard of living of the ultra-rich (no taxes for them) and you always take out of the debate the expenses in defense.

    Conservatives will make the gap between rich and poor a lot bigger, pretending this is sort of a ‘natural order’. This is going to end very badly.

  • Tim

    “Unfortunately, the party is going to come crashing to an end at some point.”!!!

  • James in OK

    They say the truth shall set you free. The reality is that “We” being the United States are spending money on a false sense of importance. I don’t like when people say that Congress “spends like drunken sailors”. I was in the military for 20 years, and all the drunken sailors I knew quit when they ran out of cash. Credit cards are to the individual what national debt is to the country. Moderation…..a concept we all need to learn.

  • Ozmo

    Michael,

    While we have disagreed in the past about other issues I appreciate your dedication to presenting sober facts to the masses. But I have to say Duct Tape can work wonders :)

    You should come up with a list of 500 uses for Duct Tape, I’m sure a couple of Hillbillies could help you out.

    • Michael

      Ozmo:

      People should always have a few rolls of duct tape hanging around. :)

      Michael

  • Jodi

    America is great, but we are only great if we vote out the corrupt politicians. Unfortunately, we have become iPod listening zombies. Most Americans only seem to care about their shopping experiences and what is showing at the movie theater. Seriously, when is America going to wake up!

  • karen

    Last Friday I had the chance to visit for awhile with a friend, and this friend has dealings with lots of people in different levels of work. So this person hears different conversations from some folks in high places. I was told in this area I don’t know about where you live, but here the police force are being armed to teeth with semi- automatic weapons, wonder why?? Must expect something HINT HINT!!! And straight from someone who works with the prison system, well there getting work camps ready for the masses just like they did in the Great Dpression, I wonder why???

  • Syrin

    Been preparing for the inevitable for three years now, much to the bewildered eyes of my colleagues.

  • Syrin

    Michael,

    Two further thoughts.

    1) Our debt is actually even greater than the worst case scenario you state above because you haven’t factored in state, local and individual debt. California alone has about a trillion dollars of debt when you factor in pensions.

    2) I am convinced that our politicians know we will default and have mass riots, possibly revolution. There is no other mathematical way out at this point. So why bother pretending you will? It’s like telling the ball room on the Titanic to keep playing music and serving cheap drinks even though they spotted the iceberg. They will milk the system for every last dime for Soros and his ilk (how’s life as a puppet GARY?). Once there is a desicated corpse left behind, they’ll move on to the next economy to ruin.

    The “normalcy” bias is strong, and we have a media willing to hide the iceberg from people. Few will be prepared for impact.

    • Michael

      Yes it is true – there is state debt, local debt, corporate debt and consumer debt that can all be factored in.

      We are a giant mess of debt.

      Michael

    • Gary2

      when you respond to my post calling out your stupidity I will respond to you. Others have also called out your stupidity

  • pete

    Okay…how’s this for some truths?!

    Bill Gates is not going to fork over his fortune to run the United States for one day or fifty days……….

    And………..

    All future generations are not going to be subjected to indentured servitude forever.

    When it come to the truth…..why don’t we at least suggest just giving the mighty and omnipotent United States Federal Reserve banking system…..the finger?

    Would it cause a systemic collapse? HELLO???!! There’s one coming anyway! Every aspect of every market from stocks and bonds, precious metals, derivatives are nothing NOTHING but lies and we are not going to square a fraudulent bet with liars, thieves and crooks.

    If we want to deal with “the truth” then lets stop using the Bill Gates sugar daddy thing and lets not pretend that we are going to pay back the 15 trill, OK?

    We’re going to stiff the European banks that own the Fed, the US $ is NOT going to be the reserve currency, there IS going to be a war and the wheels ARE going to come off this ****wagon.

    I love your site Michael…..I come here for the truth.

    pd

  • matt

    I have tried, nearly always in vain to show people that we are living a fantasy. All that we see about us is an illusion. based on the lie that we can forever spend fake money for real items. as noted above, and verified by the BRICS they have had enough. when we loose reserve status, the fantasy will no longer be funded. ENDGAME…

  • Organic D

    Thank you, this is the best written article on our current financial condition and on how we got here that I have ever seen. I will repost where ever possible to spread your word. Thanks again.

    • Michael

      Thank you for helping spread these articles.

      I enjoy writing for those that are already awake, but my goal is always to try to get these articles in front of the people that still need to wake up. By spreading these articles you help to do that. :)

      Michael

  • owleyone

    This so called debt is Federal Reserve created. Love the way government spending is always the culprit but never the Fed and it’s great global scam of money as debt.
    We park our tax dollars in a private bank and when we get it back it’s less than deposited AND we get to pay interest on the remainder. Wake up people and demand our government take controls of it’s money.

  • Larry Davis

    looks like our great nation basically turned our future generations into having so much DISENTION for their past generations I don’t think I’ll be able to look my grandkids in the eyes knowing what they have to look forward to…..Thanks 4 nothing u piece of ******* gov’t u DESERVE whatever short comings head ur way

  • Antonio Gonzalez

    Great!

    Remember all future generations over the world.

  • don rap

    here is dictator don’s solution:

    president: Dr. Paul
    vp: Dr. Paul’s son
    State dept: Newt (find a place for Trump here, too)
    Energy dept: that guy from oil industry who promotes gas reserves and drilling
    Defense dept: Bolton (find a place for a RR/J.Wayne type here,too)
    speaker: Newt’s ‘other’ job
    chance of above: zip

    prognosis: praise God for His plan

  • Donald Wilson

    For the last 30-40 years these idiots in DC have been playing this shell game, they didn’t give a rats ass about how much damage they caused they only cared about getting reelected. Millions of stupid and brain dead citizens kept on reelectng the carpetbaggers. Well they got exactly what they wanted. Good luck.

  • Gary2

    This is your republican party. Don’t say your a libertarian as you all vote republican so any distinction is lost.

    The trouble with the budget devised by Paul Ryan, the chairman of the House Budget Committee, isn’t just its almost inconceivably cruel priorities, the way it slashes taxes for corporations and the rich while drastically cutting food and medical aid to the needy.

    I give Ryan credit for not trying to hide the GOP pro rich agenda.

    We on the left will be CRUSHING you this fall.

  • Arthur

    Micheal, you should support Ron Paul to change the country, endorse him in your website, its not just about politics, its about saving America! He is the only candidate that knows the true problem of US economy and willing to change it, not to mention the only honest candidate running, he has been consistent in his view for 30years! who can beat that record? Ron Paul 2012 or there will be no future for America

  • DGB

    To take a phrase from Ayn Rand: “the US has lost it’s motor.”

    We cannot get anything done without spending tons and tons of money. $300 million a fighter jet. $1,200 for two stiches (at 10 PM – my experience), we make children debt slaves for college educations of questionable value. Sick care eats up almost 20% of our incomes. My city (Minneapoils) spends $21,000 a year for each public school – 50% graduate. For $21,000 a year we could sent them to a university!

    We are soooo broken. Maybe we’re drunk on what that $15 x 10**12 (when your debt is into scientific notation – you know you’re in trouble) has brought us!

    • Old Man

      What you listed are chump changes. How about this:

      $17 billion for a single ship – the brand new next-generation aircraft carrier GR Ford. It is now under construction.

      The ship cost about $8 billion, $2 billion to outfit it to fully operational status. Add $5 billion for the air wings and support plane. Now add $2 billion for training of personnel to operation this new flat top.

      Enjoy the look of this mighty carrier as much as you can. Cause in a real war, a dozen jumbo cruise missiles will be fired to it all at once and sink it in half a hour.

  • knightowl77

    The thing that constantly amazes me is that this mess continues to stagger on and on…..I know that eventually it will crash and burn…but when?

    Hopefully it happens before too much longer, as everyday we dig the debt hole deeper and deeper making the climb out that much harder….

    We need to pull the plug and kill this abomination off, so we can start over…

    • xander cross

      And yet, you and Ron Paul continue to make money of the collpase. Funny how many tea party memebers are against obamacare and inflation, but they support State and Local taxes. How sad and yes, you’re an hyprocrite.

      • John W.

        Your comment is total nonsense. Hopefully it is just the weed and not your normal bean working.

      • knightowl77

        mmmmmmmmmmm curiouser and curiouser as Alice is wont to say….”against obamacare and inflation”, pardon me but WTF does obummer’s healthcare fiasco and inflation have to do with state and local taxes????

        Why is it wrong to support some state and local taxes and be against something on a federal level…the two are not even remotely related…..

      • Gary2

        that **************** are dumb should not surprise anyone.

    • mondobeyondo

      “I know that eventually it will crash and burn…but when?”

      That is the $64,000 question. Or the $64 question if you prefer. Nobody knows when. I personally don’t even know when. I just know it’s inevitable. Why? Because it’s mathematically impossible for this system to sustain itself indefinitely.

      But as to a specific date? No idea.
      I could throw September 27th, 2012 as an arbitrary date.
      And when the financial collapse occurs on November 14th, 2012, countless people will accuse me of being a liar, and also for ruining their Thanksgiving holidays. So…

      • mondobeyondo

        *irrelevant side note*
        One of my cockatiels just bit me! Owww, that hurt!
        I made the major mistake of not wearing gloves.

        You silly bird!
        You’re going to spend a half hour in the freezer.*
        Make friends with the frozen chicken if you want.

        * I would NEVER do that to my birds.

    • Gary3

      Oh, come on now! At 2B per truck (44000# of $100 bills), it would only take about 7800 trucks to haul enough cash to pay of the current fed debt.

  • http://TheEconomicCollapse Dave in OK

    The talking heads in the financial world are noticing that the steam is starting to run out of the economic and consumer activity and looks like the Fed is probably going to pump it up some more with QE this summer. Hey, pump up the debt engine even more and when it does collapse, it is even more traumatic. Doesn’t anyone understand the law of diminishing returns when it comes to QE?

  • hefsmaster

    Depressing it is. Just a matter of time. The need for early detection has never been higher. On sunday afternoon, visa’s network went down. I have witnessed this with other banks and institutions the last couple years. My brother called me about a year ago knowing i would be online wondering if there was a problem with a certain bank he was with. Took two minutes to find people freaking out online. I bring this up because they all have one common trait. The incidents all happened during the weekend.
    Now MSM brings up all the incidents and writes them off to updates and other issues. The people who get mad at being inconvenienced eventually succumb to these excuses. As if it is normal,and sometimes it very well may be, as it probably was in this one. .
    However, this is where the danger lies. One of these times it will be to devalue the dollar overnight. It will take most by surprise. Who here is ready for reduced purchasing power by 40% overnight. Think gas is expensive today? It would be at around $6.00 gallon tomorrow. Probably wouldn’t stop there either.
    One of the only clues we may get is a system wide freeze. We may not even get this clue if other dangers are realized. Any major attack or outbreak could change the timing of all this.
    If they stay on track of just trying to destroy us from within. Then count the odds on america imploding on a monday. As history keeps monetary surprises to weekends when they are all shut down and people are doing whatever it is they do to forget the real world.

    Now the question is, what do we do starting tuesday?

  • Bob Marshall

    We deserve what is happening and is going to continue to happen to America because of so much ignorance. Our children and their children to be do not.

  • AGXIIK

    and the worst part of this is the additional $60 trillion of accrued liabilities that are due over the NEXT 30 years plus $17 trillion due on Obamacare in the next 20 years. That comes is $7,000 per man, woman and child each year for 30 years. that is scarey

    • Gary3

      I’m not worried about unfunded liabilities because these “entitlements” will never be paid.

  • farmgirl

    The way you guys write your articles it always sounds like dooms day is just around the corner. You guys must be getting paid alot to keep people reading the same shit just different days. Nicole Foss has been telling us for how long that this day is coming very soon…last article I read from her-now she says 4 more years. Is she just doing this to travel and get paid to talk to people..Lindsey Williams is telling us that we are going to be hit this year (2012), but he wants for us to buy a DVD from him. Gerald Celente has been saying IT’s coming,,,,for HOW MANY YEARS NOW. But I am not sure how he get paid, I guess his website? So tell me Michael….How many times can they kick the can down the road before it stops 3, 15, 30 years Am I even close?

    • Michael

      I wish we did have 30 years left.

      Michael

  • James

    I don’t understand why we can’t just print a bunch of money to cover our debt.

    /Obvious troll being too obvious?

    • Denver

      You could do that but it could cause a war
      or the next time the nation needed to borrow money they wouldnt get it the federal reserve could just mint a coin for the entire debt
      but i bet the chinese would attack over it.

      • Zedge Hero

        I read the other day somewhere that we could easily have a China/Taiwain conflict in which we would be funding both sides.

        *This war was paid for and bought to you by the U S A. All rights and redistrubtion without express written consent of the United States Government is prohibited.

    • mondobeyondo

      I’m about to vomit again…

      Please, stop making me run to the bathroom so often! Or else you’re gonna make me run to Walgreens for some Pepto Bismol.

      Printing more money only makes the problem worse. In addition to the mid-2000′s banking sub-prime flustercluck – this is one of the reasons our economy got into this Mess in the first place.

  • Nobody Special

    “If there must be trouble, let it be in my day, that my child may have peace.”
    Thomas Paine

    • knightowl77

      I like that – thank you

  • mark

    You have opened many eyes to the facts of where we stand as a nation. I would suggest to read over at zerohedge today a guest post called You ain’t seen nothing yet Part one. After reading your posts and others , if you are not getting prepared as much as you can you might be dumb as a post. When interest rates go up to normal, around 5%, close to a trillion each year will go to interest on the debt. The system can’t handle the out flow such as that. Obama will bring the fall on at a faster pace if he is relected. They just can’t seem to say NO to people that want and want. Will any elected person ever learn to say no? I doubt it so in turn we will default in the future on the debt if can get away with it. Wars have been started for smaller amounts of wealth. A lot of people will be angry with this country that aren’t already angry. So start getting prepared so that you can do something good for others in the future.

  • Jay Thomas

    15.6 T is the tip of the iceberg.

    April 2, 2012

    1,400,936 Bankruptcies
    843,800 Foreclosures (There are 6 Million more on the books)
    US Work Force 143,100,873 (middle class is destroyed unless they’re hoarding cash)
    Unemployment says 12,355,253…the real number is above 24 Million
    US Unfunded Liabilities 118 TRILLION
    Total Personal Debt 15.6 Trillion
    Mortgage Debt 13.4 Trillion
    Student Loan Debt 869 Million
    Credit Card Debt 791 Million
    Personal debt / citizen $51,068

    More Debt:
    1 Trillion State Debt
    1.7 Trillion Local Debt
    $137,769 owed by each taxpayer

    Debt to GDP ratio is 103.44%
    Spending to GDP 43.621%
    Revenue to Debt 31.9 Trillion

    Then there’s:
    Social Security Liability which is 20 Trillion
    Prescription Drugs 20 Trillion
    Medicare 82 Trillion
    This = $1,043,996 per TAXPAYER

    16.9 Trillion just went to Foreign Banks for Bailouts by the Federal Reserve.

    Barak H. Obama was born and raised to destroy this country and it’s happening. He’s not the Anti Christ because he’s a puppet, and takes orders from Soros and the Illuminati.

    One bright spot is that Russia has International arrest warrants for Soros and the Rothchilds for messing up their markets.

  • Snoopy_The_Economist

    It is sickening to think that all the politicians are in on teh charade and many are cashing in on it themselves via corruption. What are Americans to do about this issue? I have contacted many poiticians many times to raise these issues to no avail.

  • http://goto.glocalnet.net/pdn/ Urtica dioica

    Obama WILL be re-elected!

    • mondobeyondo

      Are you 100% sure about that?

      • Gary2

        yes by a wide margin. It will not even be close.

    • GEOsays

      If Obummer gets re-elected, it’s because the global Communist elite will rig the election because they are intent on destroying this country and making it a slave nation with a corrupt Marxist dictator like in Cuba and Venezuela.

      • Gary2

        I say again–Obama will win by a large margin. It won’t even be close. If the repubes steal the election like the bush v gore mittens is pretty much Obama anyway so I really win either way.

        Mittens will throw you silly social conservatives under the bus with in the first 3 month in office. All you need to do is look at what he does not what he says.

      • ScoutMotto

        I believe because of vote fraud, Ovomit is already selected to give us four more years of “hope and change.”

        • Gary2

          the only vote fraud was bush v gore. Bush had investigations into voter fraud and found all of 14 cases out of millions of votes

  • Gary2

    Well, the truth is that the top 5 percent of all income earners already pay nearly 50 percent of all federal taxes and soaking them even more will not even come close to solving the federal budget crisis.

    Gary2 facts and putting it into context:

    Michael-they also have 90% of the nations wealth. The top 400 richest people have more wealth and income than the bottom 150 million.

    By that measure they are way under-taxed.

    • davidmpark

      Who or what gives you the moral authority to demand our government take our property by force?

      Let me guess, for the ‘public good?’

      Cannibals and those who practice human sacrifice claim the same thing.

      • Gary2

        if you do good in America you then need to do good by America.

        Government has the authority to tax. Don’t like it move to Somalia–you will not have any pesky government to bother with.

      • Gary2

        notice no one disputed my numbers

        they also have 90% of the nations wealth. The top 400 richest people have more wealth and income than the bottom 150 million.

        By that measure they are way under-taxed.

        • greg

          we didnt respond because were ignoring you

          • Gary2

            nice try–you did not respond because I am correct and you can not dispute facts.

    • MisterC

      There is nothing wrong with being rich. I bet you would be going ape sh** if you won the lottery and then saw the amount of tax you had to pay on it. You don’t like ‘the rich’ because you are POOR!!
      POOR financially, morally, spiritually, mentally, ect, ect,……
      Why don’t you go haunt some other blog TROLL?

      • Gary2

        correct there is nothing wrong with being rich. If you do good in america then you need to do good by america.

        I would gladly change places with a rich person and then they would not have to worry about taxes. I would be happy to pay taxes if I was rich.

  • Gary2

    People invested when the taxes were 91% so this extra tax on the rich will hurt nothing but the rich.

    Demand is what drives growth not taxing the rich less. WTF have you not seen that your policies of tax cuts for the rich FAILED???

    So taxing the wealthy will certainly not solve all of our problems.

    In fact, when you tax the wealthy and the “somewhat wealthy” it slows economic growth in a number of different ways.

    Number one, they have less money to spend into the economy. Oh my heart bleeds-no yacht. cry me a fuckin river.

    Number two, they have less money to invest in business activities. Bull crap.

    Michael-you are so wrong the rich have way more than you think. They are paying the lowest tax ever. The dolts that say Obama is anti-business must not have heard corporations are sitting on record profits.

    So hows that trickle down crap workin out for you?

    • Michael

      Gary:

      When you add up all of the dozens upon dozens of forms of taxation on the federal, state and local levels we are actually facing some of the most oppressive levels of taxation in all of U.S. history.

      Michael

      • Gary2

        you will also find that every income level pays about the same % taxes yet the rich have 90% of the wealth so they are under-taxed.

        Again you need to not Cherey pick your facts

        • Michael

          I agree that many wealthy individuals are able to use loopholes to get out of paying a higher rate.

          That is one reason (among many) why our current tax system needs to be chucked out entirely.

          Michael

          • greg

            Michael why do you respond to his talking points we all know this fact to be true
            you just fuel his fire i dont want to deny anyone an opposing view point he’s here to try to rattle peoples cages

    • mondobeyondo

      Taxing the wealthy? Okay, that’s fine.
      That means the “wealthy” have less money to invest in, or start up, new businesses. Businesses that can hire employees from economically deprived areas.

      • Gary2

        they already have all the wealth and they are not creating jobs.

        Time to go and drop another job creator in the toilet

        • greg

          By the way Gary does the 2 represent your IQ
          YOU KNOW ITS A PROVEN FACT IN STUDY AFTER STUDY PROGRESSIVES IQ’S ARE LOWER THAN ROOM TEMPERATURE ON A COLD WINTERS DAY WITH NO HEAT IN THE ARCTIC CIRCLE GLOBAL WARMING WONT MAKE YOU ANY SMARTER

    • GEOsays

      So moron Gary, how’s Obummer’s trickle-up hope and change crap working out for you? The rich Democrat hollywood elite and the rich Wall Street bankers aren’t worried at all about higher taxes with Obummer. They know damn well that Obummer will claim that he’s going to tax the wealthy to get re-elected, but nothing will change after the election. The tax code will still have lots of loopholes for the wealthy Democrat elite who’ve been throwing money at Obummer and the Democrats. Get a clue fool!

    • greg

      why dont we tax you 100% I would agree with that

  • Bob

    You wrote: “At this point, the United States government is responsible for more than a third of all the government debt in the entire world.”

    It is we who are responsible. When the government borrows, it pledges our income and assets as collateral for the loan.

    It’s as if your neighbor, in buying a car, makes you a co-signer without your permission, making you responsible for his loan.

    We should contact governments like China (email them perhaps) and warn them we will NOT repay them. Tell them to at least demand higher interest rates. We need to cut up Uncle Sam’s credit card.
    ~Bob~

    • Gary3

      I think they already know. They are dumping the USD as fast as they can without causing a stampede.

  • retired

    this scenario will never come to pass.
    Way before this will happen there will me massive political & financial collapse.The huge debt will be defaulted.We will have riots,civil unrest & maybe even war.The assumption that the present set of circumstances will continue into the future in a linear fashion is unrealistic.

    P.S. According to Herbert Stein “that which is unsustainable shall not be sustained”

  • Gary2

    Conservative budget goes against the bible. Passages cited to prove the republicans are against God.

    Kodos to Rep Schakowsky–one of the better congress members.

    First, Schakowsky suggested asking Republicans, “Why does your budget resolution protect and indeed increase the wealth of the already wealthy at the expense of everyone else?” She then implied that the GOP budget goes against Proverbs 22:16, which says, “He who oppresses the poor to increase his wealth and he who gives gifts to the rich — both come to poverty.” [...]

    Secondly, Schakowsky asked, “Why does your budget resolution take away the Medicare guarantee?” and then quoted Leviticus 19:32, “You shall give due honor and respect to the elderly.”

    She said Republicans failed to live up to that passage by proposing $810 billion in cuts to Medicaid over the next decade.

    Thirdly, she asked, “Why does your budget resolution increase defense spending while cutting investments in our children and families?” Here, she relied on Proverbs 16:11, “A just balance and scales are the Lord’s.” [...]

    And last, she asked, “Why does your budget resolution take away food from the poor?” To back up this question, she quoted 1 John 3:17 18, which states, “If anyone has material possessions and sees his brother in need but has no pity on him, how can the love of God be in him? Dear children, let us not love with words or tongue but with actions and in truth.”

    http://www.dailykos.com/story/2012/04/02/1079974/-Rep-Jan-Schakowsky-suggests-Republican-budget-violates-Bible

    • SandraO

      Communist Democrat budget deficits in the trillions goes against the bible. Passages cited to prove the Democrat leftist thugs are against God.

      Kodos to Congressman Paul Ryan–one of the better congress and honest members of Congress as opposed to the Neo-Marxist Democrats who will lie and steal for votes and to get what they want.

      First, Ryan suggested asking hypocritical Democrats, “Why does your budget resolution bankrupt the country while you pretend to tax the wealthy whom are pouring millions into your re-election campaigns to gain favorable tax treatment at the expense of the tax paying middle class?” He then implied that the hypocritical Democrats budget goes against Proverbs 22:16, which says, “He who oppresses the poor to increase his wealth and he who gives gifts to the rich — both come to poverty.” [...]

      Secondly, Ryan asked, “Why does your budget resolution bankrupt the Medicare guarantee for future generations?” and then quoted Leviticus 19:32, “You shall give due honor and respect to the elderly.”

      He said hateful Democrats failed to live up to that passage by proposing trillions of dollars in deficits over the next decade by bankrupting future generations.

      Thirdly, he asked, “Why does your budget resolution increase green energy spending for fake projects that reward Democrat campaign contributions while cutting investments in our children and families?” Here, he relied on Proverbs 16:11, “A just balance and scales are the Lord’s.” [...]

      And last, he asked, “Why does your budget resolution confiscate and steal the hard earned money of the tax paying middle class while your rich campaign donors pay little to no taxes?” To back up this question, he quoted 1 John 3:17 18, which states, “If anyone has material possessions and sees his brother in need but has no pity on him, how can the love of God be in him? Dear children, let us not love with words or tongue but with actions and in truth.”

      http://www.dailykos.com/story/2012/04/02/1079974/-Congressman-Ryan-suggests-Democrat-budget-violates-Bible

      • Gary2

        I must be winning the debate as you copy my words. Coping me is wonderful as I am correct!

      • jox

        That bunch of lies cannot hide the fact that republicans want to cut the expenses in education, health and support for the poor, while maintaining the expenditures in defense and low taxes for the rich. It is so obvious and so cruel that you can hardly defend it.

      • Gay Veteran

        Paul Ryan wants to gut the social safety net so more money can go to tax cuts for billionaires

    • greg

      Gary who gives you this stuff your obviously not smart enough to come up with this on your own

  • davidmpark

    “How could we be so stupid?”

    This is what the people wanted. The American people want to be in this moral depravity and chaos.

    If they didn’t want to be; they’d challenge the authorities and unions, establish equality in law and not transgress upon each other. The individual beside more individuals will end this.

    The American people want these leaders, they want this pain, they want this sodomite morality, and they want to feel the worst of what it means to be human.

    That’s why self reliance and mastery must be done. Salvation on an individual basis. We save ourselves in Christ before we can alter this route. Others will follow.

    • Martin

      David,

      “This is what the people wanted. The American people want to be in this moral depravity and chaos. … ”

      That viewpoint assumes that the American people are well informed and knowingly chose depravity and chaos. I do not believe that is the case. The main stream media has consistently failed to warn the people of the most obvious threats to our society. Most of the MSM is a den of vipers.

      Michael is not the only voice in the wilderness saying what needs to be said. But why is he on the sidelines? Meanwhile the MSM knowingly disregards that not only is the emperor without clothes but also disregards that the emperor is a deceitful criminal plundering the people.

    • Gay Veteran

      the unions?!?!?!? it’s not the unions shipping millions of American jobs to China and India! that’s the Big Corporations

  • another Jay

    Gary when are you going to realize there is only one party?

    • mondobeyondo

      Of course there’s only one party!

      It’s the Birthday Party! Everyone gets free cake.

      Hehehehe.

  • DownWithLibs

    Michael,

    I have fallen behind a bit in reading your articles so I don’t know if you have already covered the March 16 Executive Order that “president” Obama signed into law where he can confiscate anything even during peace time. Thought you would want to know.

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