The Beginning Of The End
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The Debt Ceiling Deal From Hell

Is the debt ceiling deal supposed to be some sort of a cruel joke?  Is this what the American people have been waiting months and months for?  The “debt ceiling deal from hell” is a complete and total fraud.  Barack Obama will not need to worry about the debt ceiling again until after the 2012 election, and no “real” spending cuts will happen until after the 2012 election.  The way the political game in Washington D.C. is played today, if you don’t get something right now, you probably will never end up getting it.  The Republicans have traded a massive debt ceiling increase right now for the possibility of very skimpy budget cuts in the future.  Meanwhile, this deal establishes a new “Super Congress” that threatens to fundamentally alter our political system (and not in a good way).  The funny thing is that everyone is running around proclaiming that the Tea Party won this battle.  That is a complete and total lie.

So what about the $917 billion in “immediate” spending cuts that the Republicans are getting as part of this deal?

Well, they aren’t really spending cuts at all.  Rather, they are spending caps.  Basically what is happening is that future spending increases are being cancelled and our politicians are selling that to us as “spending cuts”.

What is even sadder is that the $917 billion is spread over ten years and the vast majority of the “cuts” are in the latter years.

For example, even if you consider these to be “spending cuts” (which they are not), the deal calls for only about $25 billion in “cuts” in 2012 and only about $47 billion in “cuts” in 2013.

25 billion dollars is far less than one percent of the federal budget, so needless to say these “cuts” are not very impressive at all.

Okay, so how about the second stage of the deal which will produce “spending cuts” of between 1.2 and 1.5 trillion dollars?

Well, yes, these would actually be spending cuts and they would be spread over 10 years.

Near the end of the year, the new “Super Congress” (more on that in a minute) will submit a proposal to Congress which could cut spending over the next 10 years by a total of up to 1.5 trillion dollars.

If the recommendations of the “Super Congress” are not implemented, then “automatic” spending cuts of $1.2 trillion will go into effect over the next 10 years.

However, there are some very important things to remember about these “spending cuts”.

First of all, none of these “automatic” spending cuts would even go into effect until 2013.  The face of American politics will be dramatically different by then, and there is absolutely nothing that makes these cuts binding on Congress.

As Gregg Easterbrook recently noted, Congress can cancel spending cuts at any time and for any reason….

By projecting the only tangible savings — which aren’t even specified, but are merely caps — into the future, the plan allows Congress to cancel them. In 2012 or any future year, Congress will say, “We can’t have caps this year because of the [INSERT ANY WORD CHOSEN AT RANDOM] crisis. We are postponing action till next year.” Rinse and repeat.

As I have written about so many times before, the U.S. national debt is completely and totally out of control.  This was supposed to be the moment when at least some members of Congress were finally going to get serious about our exploding debt.  Unfortunately, our politicians have sold us down the river once again.

Even if the best case scenario happens (which it never does) and Congress sticks to this deal for the full ten years (which is about as likely as hell freezing over), the “savings” that this deal would produce are quite pathetic as Peter Schiff recently explained….

The Congressional Budget Office currently projects that $9.5 trillion in new debt will have to be issued over the next 10 years. Even if all of the reductions proposed in the deal were to come to pass, which is highly unlikely, that would still leave $7.1 trillion in new debt accumulation by 2021. Our problems have not been solved by a long shot.

Keep in mind that Congress can change this deal whenever it wants.

So nobody should get excited about these “spending cuts”.  After all, when was the last time that “future spending cuts” actually materialized in Washington?

The reality is that neither political party seems to want to do much to cut government spending.

So the band will play on and the can will get kicked even farther down the road.

When Obama was inaugurated, the U.S. national debt was $10,626,877,048,913.08.

Today, it is $14,342,358,440,969.10.

But what this “debt ceiling deal” will do is it will give the congressional leadership of both parties much more power.

The new “Super Congress” that this deal establishes will be granted “extraordinary new powers” that regular members of Congress do not possess.

For example, The Huffington Post says that any new legislation produced by the “Super Congress” will not be able to be filibustered or amended….

Under the reported framework, legislation the new congressional committee writes would be fast-tracked through Congress and could not be filibustered or amended.

So who will be a part of the “Super Congress”?

The members will be chosen by the leadership of both parties.

So anyone that is not part of the “establishment” is not likely to be included.

The following is what U.S. Representative Ron Paul had to say about this new “Super Congress”….

“Nothing more than a way to disenfranchise the majority of Congress by denying them the chance for meaningful participation in the crucial areas of entitlement and tax reform. It cedes power to draft legislation to a special commission, hand-picked by the House and Senate leadership.”

It is this new “Super Congress” that will decide what will be in the package of “spending cuts” that will be voted on by the end of the year.

Regular members of Congress will be frozen out of the process.

On December 23rd, Congress will be required to vote up or down on the spending cuts proposed by the “Super Congress”.  Regular members of Congress will not be allowed to amend the legislation in any way, and no filibusters will be permitted.

Does that sound very “American” to you?

The more that one examines this “debt ceiling deal”, the worse it looks.

Meanwhile, many Democrats are running around and acting as if their lunch money was just stolen.

For example, the following is what Politico is reporting that U.S. Representative Mike Doyle said about this deal….

“We have negotiated with terrorists,” an angry Doyle said, according to sources in the room. “This small group of terrorists have made it impossible to spend any money.”

Democratic congressman Emanuel Cleaver was even more dramatic when he proclaimed that this deal “looks like a Satan sandwich“.

Well, this deal is a total nightmare, but not for the reasons that Cleaver is suggesting.

This deal opens the door for more rampant deficit spending, and nearly all of the “spending cuts” are put off until after the 2012 election.

Basically, the Republicans got taken out behind the woodshed and beaten to a pulp on this one.  Any Republican that is trying to proclaim that the debt ceiling deal is a “great victory” is a complete moron.

But in the end, it really does not matter which political party gets a “victory” out of all this.  What matters is that our federal government is still steamrolling toward a date with financial oblivion.

If this is the best that our politicians can come up with, we are absolutely doomed.

 

  • Johnson

    Another take on this farce:
    ———–
    Robert Reich
    The Hostage Crisis Continues: Why Obama Can’t Pivot to Jobs and Growth
    Tuesday, August 2, 2011

    With the hostage crisis behind him, the President is now ready to talk about the nation’s real problem.

    Nine paragraphs into his remarks today announcing the nation has paid most of the ransom the radical right demanded as a condition for maintaining the full faith and credit of the United States (he didn’t use these exact words), the President pivoted to the agenda he should have been talking about all along:

    “And in the coming months I’ll continue also to fight for what the American people care most about: new jobs, higher wages, and faster economic growth.”

    But what precisely will he fight for now that the debt deal has tied his hands?

    He says he wants to extend tax cuts for middle class families and make sure the jobless get unemployment benefits.

    Fine, but the new deal won’t let him. He’ll have to go back to Congress after the recess (five weeks from now) and round up enough votes to override the budget caps that now restrict spending. What are the odds? Maybe a little higher than zero.

    …..

    http://robertreich.org/post/8396689309

    • bobbobbobbob

      mr johnson u must realize that the adverage amerikan is incapable of anyalizing this kind of data. amerika is over was over and good riddance. the chinese rule you. and they love the rebuplicancorporateterrorists which this blog supports. is your dentist in the plan? hey every ital sweed dane frenchie and japp have dental ins. but you dont. i hope i dont see u in med school as a cada…

    • McKinley Morganfield

      If Robert Reich is your source of info, you are lost. You might as well be walking on the sun.

  • Cat

    Did anybody really expect something meaningful to come out of this debt ceiling deal? More smoke and mirror economics, can kicking, power grabbing, deception, and an all around pathetic effort by our elected officials. Notice I didn’t call them leaders. Both Republican’ts and Democraps alike. If you still think their is any meaningful difference between the two, you need to have your head examined. It was a nice 200+ year experiment in freedom. Glad I got to be a part of it. In the end, though, you really can’t just blame it all on Washington, the people in this country have lost their way too. It’s an old story, many empires have risen and fallen fallowing a similar path. It is a shame though. This one seemed so promising for so many. Maybe if we all try a little harder, pray a little more, pay attention to what’s truly important instead of the garbage we are constantly inundated with, we can turn this thing around. I wouldn’t hold my breath waiting though.

    • Prepare For The Worse And Hope For The Best

      Well Said.

  • Nickelthrower

    Greetings,

    Though it has become an overused and misunderstood euphemism, we’re one Black Swan event away from total collapse. It is clearly evident to anyone that wants to take the time to look that the system under which we live has lost all of its resiliency.

    We live in a constant state of crisis and our political system is openly hostile to the very people that it claims to represent. When tshtf moment finally arrives, there wont be any institution left standing capable of dealing with the problem.

    We should have taken these last few years to shore up our infrastructure. We should have rebuilt our rail lines so we could at least move food around. We should have had a big conversation about the expense of having an empire. Regardless, we should have done a whole bunch of things to strengthen this nation but, instead, we gave all our money away to the banksters.

    Just like Fukushima, we’re all gonna stand around dumbfounded as things spiral violently out of control.

    • Masha

      My feelings exactly, Nickelthrower.

      • Prepare For The Worse And Hope For The Best

        I second that!

    • McKinley Morganfield

      Sooner rather than later a bank (probably in Italy or Spain) will collapse and that will be the falling domino that triggers the collapse of banks around the world. Hang onto your hat.

      • Highspeed

        BofA may beat them to it. They lost 20% today alone. The others lost 15%.

  • jd

    Mike,
    You forget to mention that this “deficit reduction” plan contains rosy assumptions about economic growth — for average 4% growth I think when growth in our sick, outsourced economy is more likely to be 1%…if that much.

    Basically, future deficits and accumulating debt are likely to be a lot bigger than the big ones they’re already projecting in this plan because the economy is not likely to generate the kind of tax revenue they’re hoping for.

    Not with this business climate. Not with clowns like this still in charge. Not with the rest of the world quickly speeding ahead of us.

    US Economy, R.I.P.

    • Michael

      Yes you are right that is an excellent point that should have been in the article.

      Whenever the government puts these “plans” together, the GDP assumption are always way, way too high.

      For example, the Bush administration once projected that we would be swimming in gigantic surpluses by now.

      I believe that the deficits in the years ahead are going to be much, much larger than they are projecting.

      Michael

    • Bill S

      No worries, Mike—-growth numbers and other statistics are the job of the Bureau of Lies & Statistics (BLS) and they, like the ratings agencies, will give the White House & Congress whatever numbers they need. Of course, they will then revise downward the numbers months later to record the fact, but between this and the Federal Reserve’s printing presses, we will be just fine so no worries mate.

  • Paul

    You need to tax those who profited from business deals related to the war in Afghanistan and Irak.

    That’s where the trillions went.

    Cuts in medicare and benefits won’t bring that money back.

  • A.S.

    Michael, you are a very good writer, but you made a few mistakes that I saw right away (there may be more though):

    1. If the recommendations of the “Super Congress” are not implemented, than “automatic” spending cuts of $1.2 trillion will go into effect over the next 10 years.

    “THAN” SHOULD BE “THEN”

    However, there are some very important things to remember about these “spending cuts”.

    PUT THE PERIOD INSIDE THE QUOTE. “.” NOT “”.

    • Michael

      Sorry about that first one – I wrote the article after loading up a moving van all day. I am surprised I didn’t make more mistakes. :)

      Michael

    • Mark

      As a computer programmer I can never understand the period inside the quote rule. I mean what if you don’t want to quote the period? Or what if you want to quote a statement with a period, but with this rule people will think the period is not part of the quote. This rule was probably invented by a liberal.

      • Michael

        Mark:

        I agree with you about the period inside the quote rule. People have probably noticed that I ignore that rule over and over. I am hoping that perhaps the new trend I am starting will catch on. It is my own little form of “grammar rebellion”. :)

        Michael

    • Gary2

      get a life

    • revenant

      A.S.-Common give the guy a break, are you reading an 8th grade English paper or an economic blog? Who cares where his periods are.

      • revenant

        I spelled “common” on purpose.

  • A.S.

    RON PAUL must win, but we all know the BILDERGERGS will not allow it.

  • Nexus789

    Comes across as more of an emerging dictatorship operating in support of Kelptocracy and/or Plutocracy. Can’t make up my mind which, both I think. All America needs now is internment camps, the military on the streets…already got defacto food rationing via food stamps.

  • Nostradamus

    The following conversation was ‘accidentally’ picked up by a Russian spy satellite. Transcript was released as part of Putin’s backgrounder where he called the US a ‘parasite’ to the global economy.

    O: Tim, August 2nd is coming up and we need a strategy.
    Tim: The situation is dire for us.
    O: Our debt/GDP will only reach 100% this fiscal year so that’s not a big concern.
    Tim: Sir, its not the amount of debt, even though we have $14.5 trillion direct debt. Because we can always find enough fools to buy our crap or debase our currency to pay for it.
    O: So what’s your problem.
    Tim: Sir, it’s not *my* problem, I am just an official. The problem is we have more than $500 billion of bonds maturing in August alone, and that our income/expense shortfall, also called a negative cash flow, is $170 billion. We must somehow borrow at least $650 billion in August so that we don’t default on our debt.
    O: So borrow $650 billion. That’s your job isn’t it?
    Tim: Congress won’t let me. They want us to crash welfare first.
    O: OK they want war we’ll give them war!
    Tim: We should go for authority to borrow all we need for the remainder of your term, which is $2.5 trillion at least.
    O: That will bring our national direct debt to $17 trillion by 2012. Since I expect our GDP to be $17 trillion by then, our ratio should remain good. I’ve called the zombie rating agencies and the IMF and they all promised to make us look pretty no matter what.
    Tim: Yes of course. Anything you say. Just don’t make me stand in front of the press and announce sovereign debt default of America. It’s bad for my resume.
    O: So let’s go and play a little fake civil war then. But be careful, don’t let out what we are after – we need an extra $2.5 trillion for my term. I ran for Hope and this is how I deliver Hope.
    Tim: I sure hope there will be enough fools in the world who is going to lend us $2.5 trillion for the next 18 months.
    O: Don’t worry. Looking at America, I am absolutely certain we can find all the fools we need. Only fools eat hope. Look, what does a tapeworm call the host?
    Tim: A fool!
    O: Timmy, you’re learning fast!!

  • cyk

    Never mind.

    When the financial Armageddon happens,
    China will buy half of the USA, and live
    will continue.

    In the end, rich Americans and rich Chinese
    will be even richer, and american and chinese
    citizens will be equaled at a common low level.

  • Jake

    I came across the following quote recently and thought it was very insightful:

    Now more than ever the people are responsible for the character of their Congress. If that body be ignorant, reckless, and corrupt, it is because the people tolerate ignorance, recklessness, and corruption. If it be intelligent, brave, and pure, it is because the people demand these high qualities to represent them in the national legislature. . . . [I]f the next centennial does not find us a great nation . . . it will be because those who represent the enterprise, the culture, and the morality of the nation do not aid in controlling the political forces.

    [James A. Garfield, The Works of James Abram Garfield, Burke Hinsdale, editor (Boston: James R. Osgood and Company, 1883), Vol. II, pp. 486, 489, “A Century of Congress,” July, 1877.]

    I will continue to inform myself and vote for the best candidate in each election but some days it seems like a lost cause. “ignorant, reckless and corrupt”, it seems like James Garfield had a crystal ball that enabled him to see 134 years into the future.

    I found this quote at http://www.wallbuilders.com, Lots of insightful quotes from the founding fathers and past leaders of our republic.

  • Ben Dover

    The “super congress” will wield power only temporarily. Our creditors will apply the brakes, and we will have our USSR-style divorce.

    Ours will probably be quite messy like many American divorces, but like FUSSR, the remnants of USA will persevere.

  • http://schmidtreport.blogspot.com Russ

    Not that I wasn’t convinced before, because there is too much evidence regarding Obama and his socialist/progressive minions, but I want the American people to see once and for all that there is a globalist element with its sights set on destroying our Constitution because it is a hindrance to there plan for globalization and their planned one world government. I don’t see how anyone cannot see this! It doesn’t matter if it is a Republican of a Marxist Democrat, they are all in the pockets of the global elite (i.e. George Soros and his ilk). Folks, America is done! It’s now just a matter of time. The modern-day Tower of Babel is being built. I pray that you do not get sucked into believing it is for the good of mankind, because it is not. Read your Bible, it’s all in there!!

    • Brandy

      You are exactly right. There is no such thing as America the beautiful anymore it is gone and now only a matter of time before the one world order steps in. I have tried to explain this to my coworkers but they look at me like I’m stupid so I say they are on their own and I’m not throwing my pearls anymore.

    • Charles

      The Tower of Babel has already been erected, its the European Union Parliament building which is based on a painting of the original Tower of Babel.

      The EU also has its equivelant to this new ‘Super Congress’in the form of the Council of Ministers which forms ALL EU policy and is a tool of the Elite.

      http://vigilantcitizen.com/sinistersites/sinister-sites-the-eu-parliament/

    • DownWithLibs

      Yes, we know. Just hate for the ride to be over. Is what it is!

  • ross

    Can someone clarify this new deal does not attempt to reduce the overall national debt, over the next few years, just slows its growth(reducing the deficit).
    So in five years the national debt will be higher & so will interest payments.

  • sowhatnow

    We may own the printing press, but we ran out of ink.
    Were Done, get out now while you still can.

  • r.bitting

    In March of 2009, the Fed began QE1 in response to a tanking stock market. It worked, and the markets regained a lot of the losses they sustained in the crash of 2008. However, when the Fed discontinued QE1, within a month or two markets again began to slide, so the Fed started QE2 and again the markets responded favorably, creating the illusion of a recovery. QE2 ended on June 30th of this year and what you are seeing in the markets right now is the same pattern as in the previous two rounds of quantitative easing. If you compare the history of the S & P 500 since March of 2009 with timing of the money printing you will see the correlation. What this means for us is this market will continue it’s current slide because it’s not being propped up with quantitative easing. Soon, Bernanke will be forced to use the only weapon he has left to stop this slide, QE3, which will only work so long before the cycle repeats itself, and somewhere during this round of QE our credit rating will be downgraded, which will speed this death spiral up even more. Celente was absolutely right, you will see civil unrest, martial law, food riots,ghost malls, rediculous unemployment and a host of other issues as well. This will be a worldwide calamity that no one can even begin to comprehend. The toll of human suffering will be beyond the scope of our imaginations. I firmly believe this will all come to pass within 12 months. Know the savior Jesus Christ, you are about to meet him. For God so loved the world that he gave his only begotten son, that whosoever believes in him should not perish but have everlasting life…. John 3:16

    • American Poverty

      May I add to your senario, Billions unemployed worldwide, left homeless and starving, boarders closed, trade packs broken, anti-globalization, moved out of the margins and moved into the main stream, anti-imigration, imagrants brought into countries during boom times rounded up and deported, blamed for everything from rising crime to joblessness. Things are going to be very grim indeed and we are going to wittness the greatest depression the world has ever known.
      Are you prepared, mentally? Emtionally? Spiritually?
      You still have time to get right with God.

    • Cat

      The credit rating was just downgraded. A bit before you thought, but you were right, the writing was on the wall. It will be interesting to see what happens to the market Monday.

  • brothers781

    How do we stand up to this? It’s like they know we won’t.

  • Maria

    Batten down the hatches folks, because the storm is strengthening.

    Between the din of the Congressional debt debacle, Greece’s death wail, Europe’s whimpering euro, and the elite squealing and snorting with anticipated glee at the troughs of the PIIGS…who can find a moment of peace? The sweeping regime changes of the middle east go almost silently unnoticed by the narcissistic west. And let’s not forget the team switching moves of major corporations (immelt and friends) sneaking off with their suitcases stuffed with all they could get from those tax-paying stiffs back in the good old USA.

    And now we have Super Congress! They are gonna save us all! Like superman….riiiight.

    Give me a break! This drama is freaking unbelievable.

    You know what, my family has been working like crazy getting ready for the collapse, and tomorrow we are going to work at it even more.

    Today, we are taking a break. Pack a picnic, and we are going to have some relaxation. A little fishing early in the morning and swimming in the afternoon. I am going to enjoy the shade and our little part of this world that the Lord made. And forget all this craziness for a few hours.

    • mondobeyondo

      Super Congress!! Da-da-dummmmmmm…
      Faster than a fleeting deficit… more powerful than Ben Bernanke (huh?! Gasp!!)… able to jump over the Washington Monument in a single leap…

  • Otown Right Guy

    “If this is the best that our politicians can come up with, we are absolutely doomed.”

    Yes it is and yes we are. The establishment were able to accomplish four things with this deal to benefit themselves:

    1. Pretend to reduce spending, but in reality increase it.
    2. Pretend not to increase taxes, when in reality we know they will.
    3. Throw in this Super Congress crap to solidify their power and marginalize any decent people that somehow get elected to Congress.
    4. Demonize the Tea Party as “terrorists” for merely trying to restore fiscal sanity. But this will not stick, except in the mentally challenged minds of the Bill Maher and Jon Stewart audiences.

  • karen

    Folks need to see the video Ron Paul has out on youtube!!!! Ron Paul and his dire warning to Americans, crash of the dollar interest rates going sky high and martial law.

  • pippa34

    Keith Olbermann said it all here:
    http://www.youtube.com/watch?v=JNDQ5MSgayY&feature=share

    And you know he is RIGHT! WE the people have got to get MAD! We need to stop being sheep and wake up and realize that our beloved USA is going to CRAP! where are our voices? where are the protest? revoltution! resistance! lets take back OUR country! American Idol can wait….

    this may not be for everyone, but they advocating a peaceful, non violent, legal protest. let our voices be heard WE HAVE GOT TO GET MAD

    http://www.whatis-theplan.org

    I love this site, I tell everyone about it. I have woken up a few people. EVERY LITTLE BIT HELPS. spread the word. We will NOT take this ANYMORE! REVOLUTION!

    • McKinley Morganfield

      KO is a creepy, marxist thug wannabe with a microphone. His understanding of history and economics is on par with the likes of Paris Hilton. Sorry to rain on your parade, but when you follow fools you are in for a major disappointment. “When you believe in things you don’t understand you suffer.”

  • pippa34

    I meant to say I love your site I’ve been checking obbsesively for you debt ceiling bit. thanks so much for being who you are, a leader.

    • Michael

      Thank you – I put it up last night after filling up a moving van all day, so I hope that the article was understandable.

      Michael

  • Gary2

    I am upset that the rich are still bot getting taxed hard. Looks like their investment in congress is really paying off for them.

    In a time of a supposed crisis the fact that we can not even tax the rich more, the rich who have never had such low rates, is a joke.

    I think we need a third party. To hell with the dem/rep BS.

  • kalord

    http://www.formypeople.org There is no reason to be angry or dismayed; These things have been prophesied

  • Rowell

    Is anyone here really surprised at the contents of the deal? There is no one in Congress with the testicular fortitude necessary to make the right (and painful) decisions. While I agree that the deficit needs to be cut, the MOST important issue in this country right now is JOBS. As more people become unemployed, that’s less people paying taxes, and more people subsisting off the government. Get those people working and you’ll find more tax revenue and less spending on unemployment, welfare, food stamps, etc.

    The very fact that not once has congress looked at any of the existing free trade agreements to assess if they are fair trade agreements is mind boggling. But, what can be expected from a group of people bought and paid for?

  • TAUS

    Soon jesus Christ will return to pay everybody.

    • McKinley Morganfield

      Fine, meanwhile I’ll put my trust in beans and bullets.

  • 99er

    Even if the CBO’s debt increase estimate turns out to be the “best case” 7.1 trillion we will have a national debt totaling nearly 22 trillion in the year 2021. If we lose our AAA credit rating interest rates will begin to rise. In 1980 rates were at 16%. Even if rates rise to “only” 10% the interest on 22 trillion amounts to 2.2 trillion – MORE THAN LAST YEAR’S TOTAL FEDERAL TAX REVENUE !!!

    http://www.usgovernmentrevenue.com/revenue.php?span=usgs302&year=2010&view=1&expand=&expandC=&units=b&fy=fy12&state=US&local=s&pie=total#usgs302

    • Michael

      Very, very good point.

      Michael

    • Unicorn

      The interest is actually around 3.14 trillion a year on 22tril. at 10% compounded.
      At 16% 1 trillion would be 6.9 trillion in 30yrs.
      We need interest rates around 1% or lower for job growth but thats not likely as commodity prices would skyrocket and the bond market would tank.Its cut,cut,cut forget SS,Medicare,Medicaid and welfare or cut the goverment in half and increased unemployment and the middle class lives on the streets.

  • knightowl77

    It would’ve been better to not raise the debt ceiling at all, than to do what they have done.
    I rarely agree with Democrats, but when they voted unanimously back in 2006 Not to raise the debt ceiling, they were right (though for the wrong reasons). Had we “defaulted” then, it would’ve been at $8.5 Trillion instead of 14plus and we’d be almost done with the recovery by now…

  • David

    This inaction by congress does not surprise me in the least. I knew weeks ago that both sides would capitulate and then claim victory with a bad bill. Just like a heroin addict, our congressmen can not throw down the needle of excess spending until the body itself dies.Unfortunately the body is our way of life in the near future.So sad, but so predictable.

  • Jack

    BRAVO!
    Legislative chicanery at its very finest.
    These masters of fiscal legerdemain should take their show on the road,Las Vegas perhaps?
    Matter of fact,why not just make the Luxor Hotel into the new capitol building?
    That building far more fitting,after all,it is on the back of the dollar bill.
    Imagine keeping all of those pesky lobbyists distracted playing the slots,think of the profits.
    Sex scandals,what sex scandals?
    What happens in Vegas stays in Vegas…right?
    Even David Copperfield can’t make a trillion(s) dollars disappear. Perhaps he should intern under these high deceivers?

    (sarcasm off)

    Folks,make no mistake,the only hope for America and the world is a complete REPUDIATION of these odious debts.
    America must stop worshipping this golden calf which is the Federal Reserve.
    It’s God’s way(debt free money),or their way(USURY),there are no other options.

    In whom do you trust?

  • MDK

    Whether you are Republican or Democrat or Independent or Libertarian, shouldn’t the common denominator be that we believe in the authority of the Constitution?

    In every decision we need to hold it up to the “light” of the Constitution to determine its legality and further, its legitimacy.

    I challenge you all to stop thinking in terms of left/right, Republican/Democrat, think “what does the Constitution say about this?”

    We all might be surprised to discover how many of our current laws violate the Supreme law of the United States of America.

    It is so simple. The complexity, twisting, and circumventing of the Constitution usually has to do with politicians looking for money or power. Do not be deceived, most politicians are in it for themselves.

    It is time for true change from the status quo. Do your own due diligence first, and consider strict, Constitution principled candidates. No more voting for the “lesser of two evils.” I cannot tell another who to vote for, but I am standing behind Ron Paul in 2012.

    God bless you all, and may America once again bless God!

  • American in LA

    The ruling elites are the winners, getting to choose the future of this nation in place of the citizens, who cannot vote on such matters. Only a wholesale sweep in the elections of 2012 (unless the elites cancel it!) will bring the charade to an end. Everyone in Congress and the White House must go. It will take decades to purge the capital because of unelected intrenched interests in all departments of state, most especially State Department and the Pentagon. Rooting the elite class out would seem to be completely impossible, but IT CAN BE DONE! People entrenched in party politics must awaken to the fact that both parties are at fault, and both parties form the elite ruling class. They must be thrown out of office, and the sooner, the better!

    • bobbobbobbob

      CHINNA RULES THEY GOT THE LOOT NOW. I went to bobs furniture store every piece of furniture was made in CHINA RULES YES AND IN CHINATARGET AND IN CHINAWALMART. the milk is spilt there is no

  • mondobeyondo

    The whole deal stinks to high heaven.

    It does almost nothing to cut deficit spending. And you mean we’re about to transfer the legislative powers of Congress over to a Super Junta of six Republicans and six Democrats? And that if their demands aren’t met, military spending and possibly Medicare and Social Security would face major cuts? That’s a lot of power for 12 people to have. They could almost be a jury in a criminal trial!

    Blackmailed – once again!! Congress has a nasty habit of doing that. Come up with a crappy “deal” at the 11th hour, and threaten Armageddon if their deal isn’t passed. (Does the 2008 banker bailout bill sound familiar?) Congress had MONTHS to come up with a better plan, but noooo. Those months were spent finger-pointing and bickering in a bunch of political theater. It wasn’t even good theater either. Certainly won’t win any Tony awards. But give Obama, Boehner, Reid and the cast an honorary Emmy or something. The mainstream media didn’t help either. I got a kick out of watching those “countdown to default” clocks on ABC and CBS though. Where did they come up with that, “Goldfinger”? “Mission Impossible”? Hurry up, get that deal signed before the clock hits zero!

    The little guy on Main Street, once again gets screwed. One has to wonder if perhaps it would have better to just default and let the system collapse.

    A “Satan sandwich” indeed, with plenty of habanero peppers and demon sauce. Since we’re headed for financial hell anyway, might as well have a bite…

  • William

    Note that gold is over $1660 an oz. The US stock market looks very weak. Inflation is 10-11%, and real interest rates are severly negative. The fiat funny money created from nothing and backed by nothing does not look so good now, does it?? But,Americans did this to themselves. Americans can thank Bush and the Republicans for this nightmare. Remember that Bush inherited a $5.7 trillion debt and successive balanced budgets from Clinton. WHERE are the jobs that the 10 years of Bush tax cuts for the wealthy should have created?? NO WHERE.

    • DownWithLibs

      Go away Gary2!

    • Den

      William don’t forget that is was Clinton that repealed the Glass Steagall act that helped start this ball rolling. This looking more and more like a orchestrated tear down of America by both parties. I am wonder where I should move to. Seriously.

  • Jack

    For those seeking edification concerning a lawful economy,may I suggest:

    http://www.gods-kingdom-ministries.org/coldfusion/booklet.cfm?PID=128

    As any with eyes can see,there is a better way.
    A better way for ALL!

    Spread the good news.

    Michael,

    My gratitude for the all the time and effort you expend providing this service to those of us without the wits,or wherewithal,to do so for ourselves.
    You help give us a voice,and that is no small thing!

    (hat tip)

    • Michael

      Thank you Jack. I just feel bad that my posting will not be as frequent until my wife and I are done moving.

      Moving to another state is always a major undertaking – especially when you are trying to do the move yourself.

      Michael

      • moses737

        Those of us who believe in God and prayer, will be praying that you and your families move will be without incident and a good one. We will be praying that God will grant you the strength and virtue to be very blessed in your move. God bless!

        • moses737

          Those of you, who knows how to pray need to keep Michael in your prayers. This site is such a blessing and we need to continue to support it.

          • Michael

            Thank you Moses – our move has turned out to be more chaotic than I ever thought it would be, so I would definitely appreciate prayers right now.

            Michael

      • Eric

        Michael,

        Sorry, if I asked you several personal questions.

        What have made you to move out from DC? Is it because of the crisis?

        • Michael

          Eric:

          I actually moved from D.C. over a year ago. Now my wife and I are moving away from the place we were renting in the Seattle area. This is all part of a long-term plan that we have had to get more prepared. This should be the last time we move to another place for a long time. We are looking forward to being in an area that is much more rural.

          Michael

          • Eric

            That’s awesome!

            Actually I am in DC working for a Gov’t.

            I am looking for a job in Seattle but it is really hard to find a job in this economy mess, and much harder because I am deaf. I hate to say this, “because I am deaf”. I could do everything as the people could do but with the ability to hear.

            Anyway, not many businesses would like to hire deaf professionals because of the language barrier in communication, and the prejudice of deaf people. It sucks but I will have to fight 10 times harder to get things done.

            Are you close to Arlington, WA area?

          • Michael

            Actually I have now moved away from the Seattle area.

            I wouldn’t recommend the west coast to anyone. Things are not going to be good out there.

            Michael

          • DownWithLibs

            So, are you on my side of the mt’s? The East half? The GOOD half? LOL!!!!

  • Missy

    REALLY REALLY great article Michael. You always make things so understandable! We are in such a pickle!

  • http://YAHOO RICHARD

    sounds like were heading towards a dictatorship to me.

  • Sherlock

    Thanks for your insights.

  • Mr Carpenter

    Michael, your last sentence describes the situation to a tee.

    This IS the “best” these morons in Washington DC can come up with and we the people are, to use the vernacular, SCREWED.

    Sadly, August 2nd was the 78th anniversary of Adolph Hitler’s ascension to power.

    I see the “super” CON-gress as the illegal final usurpation of authority by a bunch of anti-Constitutionalist, anti-American elitists who’ve installed BO as “president”.

    In fact it’s very probably the case that I’ll cease to pretend that my votes count in any future (s)elections on certain Tuesdays.

    I’ve seen this coming for 30 years and virtually only a tiny perhaps 2% to 3% of the population is likewise “aware”.

    Not enough for us to make sufficient difference, not enough of us to convince a majority of the populace to re-establish freedom.

    It was a grand expiriment, the United States, wasn’t it?

    • moses737

      Mr Carpenter, I am one of those 3% that also saw this coming about 37 years ago. The first book that I read that woke me up was a Christian bible prophesy book, called, “The Late Great Planet Earth,” by Hal Lindsey. I think it was written in 1972. And after that book, he wrote another one, in 1974 called, “Satan Is Alive And Well, On Planet Earth.” These two books, along with hundreds of others, convinced me that God was very real; and that Satan was indeed alive and running our planet. And he still is.

      • Jean

        Have any of you ever read “White Lotus” by John Hershey?

        I read it back in the 70s, it was fiction, but a story of a young white girl growing up in Arizona … when the US got taken over by China, and her life as a slave. NOT a pretty story, but it gives me the creeps how close it comes to what might happen with all we currently owe that country!

  • Arivernameddenial

    I wish we could have watched these debates live to observe our corrupt lying leaders in action. I am not happy with raising the debt limit. It seems crazy to me to take on more debt. Some are saying that the 2 trillion will actually become 7 trillion by the time it expires. Man, we are not doing well right now.

  • moses737

    Our Congress and country is being totally taken over by the International Banker/Illuminati globalist who now will only have to control 12 men in our Congress instead of 435 or so of them. And what about our Senators; there are 100 of them; and how are they being bought and paid for? Everything that these devils do is a horrible sign from hell; ergo, the title of this article fits. Every single week, and sometimes, every single day they are marching us right into their One World Super 1984 Orewllian nightmare!!

    • William

      You are precisely correct! But, just how many in the USA know what the BIS is, or a Bilderberger??
      The coming New World Order will not be for the benefit of the American citizenry. Americans will grow to HATE the NWO, as it devours the freedoms that we used to have. Just ask Napolitano or Pistole or the failed Obummer. The Obummer is just a tool of the international banking cartel that has wrecked America. Their plan is proceeding along nicely!! And, YOUR standard of living will drop as quickly as WTC 7 did in the false flag attacks on America on 911.

      • Rev. Reggie Jackson

        Great Point William. Bush Sr & Bill Clinton & Bush Jr & Obama are all International Bankers/Illuminati puppets of the puppet masters. And they are taking away our standard of living. But those of us who know God and Jesus will survive and thrive and be blessed. And in the end; they will be yelling for mercy; but they would have already had their chance so their stay in hell will be a horribly lonely and desperate one.

  • TK

    “We are absolutely doomed”

    That is correct, we are doomed. Our representatives are not for us or our future. Then again, they are for our future, just not the future we want.

    The writing is on the wall, but most Americans will continue in selfish pursuits oblivious to reality. Wake up America! Wake up! This is the end game for us, there is no telling how long it will last.

    Start preparing your family for tough times, tell everyone you care about to prepare for tough times.

    Never forget that no matter how tough it gets on this side of life, without Jesus, the other side of life will be worse, much worse.

    The command is simple “repent ye, and believe the gospel”.

  • r.bitting

    1) It’s not the TEA Party’s deal, it’s just being portrayed to be a Tea Party victory by the Democrats so that the Democrats can blame them when the wheels fall off.

    • John Thoms

      Absolutely correct. I was scrolling down to see if anyone would point this out. ONLY the raging left is calling this a “TEA Party victory”. Notice the full tilt screeching from the entire government run media that the TEA Party is a terrorist organization too. The bat-s*** crazy left has no shame and will only become more rabid as the country sinks. Buy guns, ammo, food, silver and gold. You’ll need it.

  • Brandon

    People are about to go medieval on each other as hyperinflation crushes family budgets. Human desperation is a scary thing and the Police State that has been set up is not going to be able to do squat to quell the MASSIVE unrest.

    • REED RICHARDS

      Brandon,

      I agree with you. But understand, this is what wall street hired Obama and the war party to create, a hell-like society via economic meltdown……………

  • David

    So short of full scale revolution in the streets, what can we do to change all of this? The system has been aligned against the common man. This means that people of good will and reason will be unheard from. They will be drowned out by the howling of fear maddened crowds as they scream for their “benefits”.
    Someone once said that we are all just three meals away from chaos. What happens when the system finally shuts down? What happens if we have nothing left to pacify the masses? How fast does this all unravel?
    All I want is a decent job, a way to provide for my family, protect my children, and put a little away. I don’t want to rule the world, I don’t want to fight a civil war, and I don’t want to see my children’s future disappear. I want to live free, to go about my business with the least amount of interference from the government possible, and to be responsible to my own conscience.
    Is this what it has all come down to? When good people are pushed up against the wall, forced to take actions that would go against their own government. Is that what they want? Can they be so blindly stupid and arrogant that they want revolution? Can they be so evil and twisted that they cannot see the outcome? How many millions will die? How much waste will we have to endure? How many generations will have to be sacrificed on the altar of greed and stupidity?

    All I see here is the illogic of waste, the machinations of mediocre minds, and good people made to suffer for no damn good reason other than shortsightedness and arrogance.

    • Unicorn

      David (A Job) won’t cut it anymore.Get one job first then look for a second and maybe a third job.Thats how alot of people are making it.They want the same things you do but they understand it takes 2-3 jobs to equal what one job brought in 20yrs ago.

    • pamela NZ

      Revolution doesn’t have to be violent or radical. Live simply and rid yourself of as much debt as possible. The God of money is in the process of being brought down. Basic Christian values has been rejected by America and that’s what has allowed greed,crime and false religion to overtake your country. (Our country is not far behind you!) What’s next? What’s left? Get back to basics..”If my people, which are called by my name, shall humble themselves and pray and seek my face and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.” quote from the bible, 2 Chronicles chapter 7, verse 14.
      A revolution starts with the power of one!

  • http://workexcel.com Dan

    I found an old 1962 bomb shelter kit and just purchased it. Okay, I’m ready.

  • John

    Propaganda moves the masses ,telling lies we all believe.
    living lives we think were happy, all the time we are deceived.
    Led by those who are in power , by the words that all is fine.
    Never seeing the truth around us , that it’s they controls mankind.

    Now the people are awakening ,now the people start to see.
    But a fear takes hold the people ,that they never well be free.
    Some by choice are blindly hiding ,from the things they fear well come.
    Others talk but never acting ,knowing not what can be done.

    All the time those in power ,ever pushing for their goal.
    Take away from the people ,their very heart ,and their sole.
    Moving closer to slave labor , to a life upon our knees.
    Serving now our governing masters,taking care of all their needs

    Now i waken from my sleeping ,thinking of what Ive seen.
    Was it all in the future? was it now just a dream ?
    As i lay there, and i ponder of the vision i just had.
    I hear the crying in the distance ,and know the truth …i am dead

  • http://bit.ly/Votocracy Alex_Votocracy

    W/ the deal done, now all that’s left is for them to decide on spending cuts, I wonder how long that will take?!! http://bit.ly/Votocracy

  • 007

    It was somewhat amazing to watch.. We have newly elected conservatives who are dead serious about stopping the out of control spending. Is this is the best they can do?

    Well yes. Although many wanted to get the budget balanced, they were not prepared to create a debt default by refusing to raise the debt ceiling. As Michael pointed out failure to raise the debt ceiling would have resulted in economic disaster. The economic collapse we eventually anticipate would have instantly been upon us. So the crappy deal that was passed was likely the best deal they could negotiate without risking disastrous economic consequences. By that I mean a potential depression that would make the 1930s look tame.

    What is the most amazing is that out of all the fighting and brinkmanship they only agreed to cut current spending by 8 billion dollars. That is less than two days worth of our deficit spending. That is like someone dangerously overweight celebrating because he took a sesame seed off of his Big Mack before he ate it, even has he purposes to eat only twice twice as many Big Macks tomorrow.

    Why is this so difficult to balance the budget? It is because every single government program and department is so entrenched in peoples way of life. You threaten to cut their government program, you threaten their way of life. Every program and agency has their own lobbyists. People are making a comfortable living off of these wasteful programs and ineffective and often harmful government agencies. Most democrats and some Republicans cling to power by supporting these programs even if they do eventually bankrupt the country. The system is rotted with corruption, political bribes and cronie pay offs at the expense of the overall country and it’s citizens who struggle to pay for this broken system.

    That is why the tea party is vilified as terrorists and called racist and every name under the book. They have the nerve to face the debt crisis and challenge the corrupt and ultimately fatal spending. The Tea Party need only consider the corrupt source of such attacks And wear these names and insults as a badge of honor and purpose to double their efforts.

    Maybe if economic conservatives take over more of the government there is a chance to turn our ship, the Titanic, from it’s disastrous course. One thing should be obvious from this smoke and mirrors debt deal, however. It will be a tremendous fight to ever change our out of control spending. Are we up to it? If we are not we are doomed.

    • Gary2

      That is why the tea party is vilified as terrorists and called racist and every name under the book.

      They are called these things and more because they are true.

      They are very low information people who are being used by the rich and corporations as cannon fodder. It would be funny if it was not so tragic. Do you really think the rich and corporations give a rip about their silly conservative social agenda? Really? Do you really think the rich and corporations really care about debt/spending? Really? (its still kinda funny to see these dolts dressed up in 18th century garb…)

      The tea baggers need to go back to reenacting the civil war on the weekends. Anything more than that is dangerous.

  • iamawake

    One thing is for sure. This was the final chance at putting us on the right path to prosperity in this country. Our government did not take it, now the path we are on is one of that is unsustainable and the s**t is going to hit the fan. Hyperinflation, martial law, collapse of the dollar, all coming to us. Maybe this is what the people of power want. Things will get so bad that they will have to take control of us, or better yet, get us into a major war and thin the herd some. If a large portion of the worlds population was killed off, it would fix our food shortages, global warming, energy crisis, and many other problems that the elite seem to think they are confronted with.

  • 007

    One thing obvious in the debate. The Democrats are absolutely opposed to cutting any spending for anything. They are for bigger government and raising taxes. Can you imagine what they would do to us if they had control of the whole government again.

    • Gabrial Singh

      evidently you are a brainwashed idiot. didnt you just read the republicans have spent us 10 T in debt. are you stupid or just an idiot

    • bobbobbobbob

      CHINA RULES U and CHINA WILL DEVOUR U. got dental ins. is your doctor in the plan = no??? well die tnthe street. cee u in medical school as a cadaver. U are sow stopid it borders on insanity got no job join the army and when u come back there will be no jobs thanks to the rebuplicanterrorists who continue to use your money TAX CREDITS to send all the good jobs overseas. but then again you haver no concept of what a TAX CREDIT IS/ CHINA RULES U

    • Dr. Nancy

      You are so right about the Democrats.

      The future gets scarier and scarier
      doesn’t it.

      Fortunately a friend told me
      about a site put together
      by a millionaire.

      I am getting tremendous value
      from the information, very practical.

      Here it is:

      How to Profit like the Ultra-Rich in Times of Economic Chaos

      Free Video here-

      http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bid=290b868b&chan=y

  • John

    The Democrats and Republicans both have the same agenda A new wold order they just play the game different but the end result is the same
    Saying that ,it dos not take a genus to see for that to work all countries have to be brought to a level playing field and that is why you are seeing economic collapse in country after country ,This was part of the plain ,but think for this to work they have to have a way to also control the people and that well come with all sovereign rights this is another reason you are seeing the Constitution and the rights of the people being taken away peace by peace .the next thing we can expect is high inflation the dollar must crash for the new world money system to be put into place . If you watch you can see it all happening right before your eyes.

    • Highspeed

      Old Ben will show up very soon with QE3. If the markets continue to fall it will be very very soon.

    • Paul

      Been watching it unfold in the UK, for a while now. It’s progressing at a quicker rate by the day. People who speak out against this agenda are ridiculed and labeled as conspiracy theorists, but it becoming more obvious. Time for the people to wake up, and they are, believe me!!

    • Den

      John, I think you hit the nail right on the head.

  • Brandy

    We will never climb out from underneath it until the AMERICAN jobs are brought back to AMERICA!!!!! WTF??? nobody gets that?! We are all going to keep getting poorer while all those SOB’s in government stand around in their backyards watering and pruning those money trees they planted at the american peoples expense. You can call me anti government and I would probably agree with you :)

    • Rev. Reggie Jackson

      Exactly Brandy – That is one word that I have never heard on the news media until this morning on CNN of all places, “outsourcing”. And it surprised the heck out of me. Unless about 90% of our jobs come back to America; we are doomed.

      And thats what the International Bankers/Illuminati kingpins know won’t happen because they have already paid our Congresspeople to keep them overseas for the further destruction of the great American Empire. So they can have their own long awaited, One World Luciferic Super 1984 Orwellian Empire.

    • Jean

      On the plus side, I think there is a small and mostly quiet “revolution” going on among people who knit and sew. I’ve made a personal commitment that in the next year I will not buy any yarn or fabric except what I can find has origins in the USA (either sheep raised or cotton grown in the US, and preferably also spun & dyed here).

      I started researching this about a month ago, since I was in the mood to start up a new knitting project or two and I found a number of good yarn websites that are small businesses that raise their own sheep and some that also dye their own yarns and some that also use US companies to do the spinning (apparently harder to find, one I like in Montana uses a Canadian spinnery that is 250 miles from them, but the closest place to them).

      Just over the weekend I found one new one where the owner just jumped ship from another yarn company to start one that was USA based and had a goal to have as much of their yarn 100% American as possible (with small concession to 1-2 yarns with some silk added to the American raised wool, but always identified as such).

      Then I started hunting down fabric — a lot harder to find made in the USA, but there is a new company that makes organic cotton fabric that is 100% American, and also jumped ship from another company because they decided they wanted to do this.

      I’m encouraged by that!! Good thing, because otherwise I’m getting kind of depressed over what’s been happening.

  • mondobeyondo

    Didn’t solve much of anything.

    It should have been about REDUCING the deficit. Not “balancing” it, or slowing down the rate of increase. Even a slightly increaing deficit is no reduction.

    The truth is, entitlement programs will have to suffer at some time or another. Yes, the Sacred Cows – Social Security, Medicare and Medicaid. They are financially draining the nation.

    But there are very Few Good Men left. The sheeple “can’t handle the truth”, and the truth is better left unsaid than broadcast. We are broke. We can’t pay our bills. The citizens want their cake, but there’s no flour, sugar, milk, butter or eggs left in the pantry. It’s all been spent. Fighting wars in Afghanistan and Iraq costs a lot of money, you know. Sorry! You’ll have to settle for bread. Don’t worry, the major networks will provide the circuses. How about the Miley Cyrus Hour on ABC? Sound good to you? Oh, and here is your rain check for a box of Betty Crocker pound cake mix. Are you happy NOW?

    Entitlement programs? Politicians try to avoid those like the plague, especially if it’s something that helps seniors or the sick. Our elected officials are being bribed by lobbyists and committes to rob Peter, Paul and Mary. And then send the unfortunate citizens who elected them… Leaving on a Jet Plane, hopefully. As long as it’s not their problem to deal with. They love that. Got a meeting here, a golf game there. Gotta fly to Thailand next week, they need a free trade agreement too! A job in Bangkok is a job for us! Manufacture more underwear for us, and we’ll send you our computer technology.

    Push it off to the next guy or gal who’ll take the Oath of Office in 2013. Doesn’t matter who… Palin, or Romney, Michelle Bachman, Ron Paul, etc. etc. As long as it isn’t the people responsible for this Mess. (Papa Bush, Baby Bush, Obumbler, they all had a hand in this). Pass the buck, and kick the can further down the road, and off the cliff and into the ravine.

    It’s looking pretty bad right now.
    Hope we make it…..

    • wannarun

      So you consider social security that a person has paid into their whole working life to be an entitlement ?! So what exactly do you do that will allow you to live when you retire? Government Job or do you own a company and make so much money that you don’t have to worry about it. Personally, I think they ought to take the entitlements from those who are considered rich and see how they feel about losing what they worked their whole lives for. Bet we would see a different story from them if that were to happen…don’t ya think.

    • Phil

      How can you say social security and medicare are draining the nation.How can you compare these two to entitilment programs when it is funded by tax’s worker’s pay out of their paychecks every week.I will tell you what’s entitlement programs.Defense,welfare,government housing,crooked lying politicians and their pensions and healthcare programs,dept. of education,the IRS,the federal reserve,do i need to continue.But according to our elected thiefdoms S.S. and Medicare are out of controlled entitilment programs because they wasted the monies that should be in there on all their pork.And there will be H-ll to pay when they shaft the people out of whats theirs.

  • http://YAHOO.COM a.p.

    Let’s stop the blame game. It doesn’t matter anymore whether it was Bush’s fault or Obama’s–democrat or republican. The only political party left is the whore party.
    The only measures to take are self-defense from this party. Immediately switch all your banking
    from banks to local credit unions. Cash in all
    your stocks and stop investing in the crock market. Buy American made products only.
    And in November, vote for only the candidates in
    every race who raised the least money.
    We can only take America back by using these
    tactics to stop the banksters and whores from
    plundering our hard-earned loot. Once we get
    our money out of their hands, they cannot control us anymore. The only weapon we have left is where we put our money.

    • Jackro

      Better than voting for the person that raised the least(since that would lead to the person with the most CURRENT money to win), yeah don’t need any more rich people on capitol hill.
      Vote for the person that only took donations from REAL PEOPLE, and not from companies, org.,foundations, ect.

      Doesn’t matter how much they spent, it matters where it came from, because that is who they will represent.

    • bobbobbobbob

      very few things are made here thanks to the rebuplicanterrorists I found socks made here very good ones but most craftsman toools are made in china If u really want to help join the CSA which are organizations of local farmers that produce food locally. cee u at chinamart chinatarget and chinalowes.(CSA = community sustainable agriculture)

    • http://www.optimizedwebsiteonline.com cat402

      I totally agree with you and wish that Americans would wake up and take the country back from these hoodlums!

  • Daniel

    I AM SPARTACUS! I AM SPARTACUS! I AM SPARTACUS! SOY ESPARTACO! ICH BIN SPARTACUS! SPARTACUS SUM! I AM SPARTACUS! I AM SPARTACUS!

    • mondobeyondo

      You forgot “Je suis Spartacus”! Hee!

      “I am he, as you are he, as you are me, and we are all together” – John Lennon

  • Lennie Pike

    We have have had fascism as our form of government for a while now. It just got ratcheted up a big notch with this Super Congress.

    At this time they’re still not 100% sure they will get away with it but would not have tried if they had not been very confident that they could. And why wouldn’t they have a lot of confidence – the repeal of Glass-Steagall, the Finance Reform Act, nothing done about derivatives, unconstitutional wars, unending lies and power grabs, bailouts, free money for the elite in the U.S. and in other countries etc. – no one has been convicted yet and no one is stopping them – they are in total control. Stalin didn’t have this much control.

    When they do become 100% sure that they have gotten away with it, the sky will be the limit – as in confiscating the small arms of Americans – their greatest obstacle and desire. It is also the greatest desire of governments of other countries – I mean of the people who control the governments of other countries.

    Doing away with the U.S. Constitution progresses at an increasing pace with every power grab.

    The only hope is that if a large group of freedom loving Americans who believe in the principles of the U.S. Constitution and who are members of the U.S. Military, overthrow the present illegal unconstitutional government and restore our Constitutional Government – as in ending the Federal Reserve for starters.

    How about it Marines? I thought you were
    Courageous Patriotic Americans, not a bunch of U.N. blue beret wearing pussies out attacking and killing innocent foreigners to create the N.W.O. and make money and slaves (including yourselves) for the elite ruling class. Let’ Go!!!!

    • bobbobbobbob

      how about doing something simple like bringing those good manufacturing jobs back buy instituting tarrifs on imports and using us tax credits to set up plants here. but every blue dogdemocrat and all of the rebuplicannn terrorists always vote against it I bet u dont
      know what a tax credit is? CHINA RULES U

  • ray

    If enough people send mental energy against these ‘super congress people, ***************, be run out of office, or jailed for their criminal conduct. It takes enough people sending out the ‘same thought’ that will create this. “Energy follows thought”. Non linear, eternal realm, not time and space.
    It is a possibility.

    • mondobeyondo

      All the “Super Congress” are really lacking are the capes, uniforms and leotards. Can’t wait to see them fight against the “X-Men” or “Fabulous Four”!

  • John S

    That $14.3 trillion in debt is SO yesterday, literally. In the hours after the debt deal was signed, government debt rose by $238.2 billion. That’s ONE-QUARTER TRILLION in new debt in ONE DAY! Makes the promised $24 billion in cuts next year look rather pathetic. Not to worry. The ironclad law of logarithms will cut spending soon enough.

    • Jackro

      Sadly, they wont, because of the Federal reserve’s ability to PRINT more money. Study hyperinflation, then attempt to make this statement.

      The only law of finance that is “ironclad” is the golden rule, he who has the gold makes the rules.

  • http://placeofrefuge2012.com Sheila

    Of course it a debt deal from hell, it does nothing to curb the debt and make Obama a dictator and the congress his whore.

    http://www.placeofrefuge2012.com

  • REED RICHARDS

    I think the author is incorrect on this one. Both wings of the war party (Democrats and Republicans) won on this one. Both wings got to posture about being the “responsible adults” in the room and have positioned themselves for the 2012 election. That is what this phony crisis and circus sideshow were all about, the 2012 elections. Neither wing of the war party has any intention of doing anything that even remotely resembles the concept of “governing” a nation. Time for people to understand and face the fact that Obama and the war party are doing exactly what they were hired to do by wall street and big money elites, and that is turn the United States of America into the Asylum States of Amerika……………

  • http://TheEconomicCollapse Azgran

    Have been reading this site for about a year and continue to be impressed with the quality of information provided.

  • DownWithLibs

    Wow, I really want to tear my hair out!!!

    Michael,

    Thanks for staying on top of this even though you are probably busier than….something really busy.

    • Michael

      Thanks – my life is really crazy right now. Hopefully things will get back to normal soon. A long distance move really disrupts things.

      Michael

      • Wecanstillhope

        Hope you are moving east Michael.
        West doesn’t look so good right now.

      • Fed Up

        Michael,

        Thanks for keeping this site so updated and well-run.

        Does your move have anything to do with preparing for an economic crash?
        We are moving across country also and know your pain!! Ours is definitely related to being more prepared for any possible crisis.

        • Michael

          I feel bad that it has not been updated as much during our move.

          And yes, this move is part of our long-term plan to get more prepared. :)

          Michael

      • BigM

        Hoping you have a smooooth move Michael. Praying for safe travels.

        • Michael

          Thank you – this is the first time I have ever driven a large moving truck for a long distance, so my “comfort zone” is definitely being stretched.

          Michael

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

    Super Congress = Gang

    This gang will not get their house in order until it burns to the ground. This is what the fire will look like.

    http://www.planorperish.com/?p=4619

    • Brian

      Super Congress = Gang = Politburo

    • mondobeyondo

      Supreme Congress = The Terrible Twelve
      Maybe the Fabulous Four can save us?!!

  • BigM

    I feel like one of the musicians on the Titanic right about now!!

    Unless we the American people personally take over Washington and run things ourselves…nothing will change and the death of our great country will come “Much” sooner then we expect.

    How do we take over?? Out with the old wineskin and in with the new wineskin. Get rid of them all with our votes, with the exception of 2010 November Tea Partiers.

    • Fed Up

      Everyone should jump out of their parties and register as Independents. It scares the crap out of them because they have to actually DESERVE the votes from Independents.

    • Jackro

      Even some of them need to go. If they voted for this piece of poop, then they aren’t “true TEA party people”. They can get the same kick to the curb.

  • El Pollo de Oro

    Will The Banana Republic of America (formerly the USA) ever have a balanced budget again? No, it won’t. The BRA is way too far in the hole, and the U.S. dollar will only grow weaker and weaker. The reality is that the Democraps and the RepubliKKKans both believe in big government, and big government costs money. The military/industrial complex, neocon imperialism, the war on drugs, bailouts and corporate welfare aren’t cheap; they carry a heavy price tag. Sure, you can tax people to death, but where are the taxes going to come from? The uber-rich White Shoe Boys know how to dodge the taxation bullet (as Leona Helmsley pointed out), the middle class (the IRS’ favorite cash cow) is on life support, and the poor (who, more and more, are becoming the majority) don’t have much to tax.

    “Free-market capitalism, in the blink of an eye, was gutted and replaced by an oligopoly.”—Gerald Celente

    “Saving the too-big-to-fails is anathema to what capitalism is.”—Gerald Celente

    RepubliKKKans only oppose big government when it comes from the Democraps (Dick Cheney infamous said that deficits don’t matter, and Ron Paul was called unpatriotic for disagreeing with that little neocon “pearl of wisdom”). Democraps only oppose big government when it comes from the RepubliKKKans. There are a few fiscal conservatives in the GOP (namely, libertarians Ron Paul and Gary Johnson), but they are the exception rather than the rule. And the Tea Party condemned itself to failure when it hooked up with the GOP instead of building a third-party movement around the Libertarian Party.

    “When it gets down to the real money—1.5 trillion with a T—for defense and cutting military spending, the Tea Party has lockjaw.”—Gerald Celente

    No, there’s no way back to a balanced budget for the BRA. So get ready for the U.S. dollar to continue its downward spiral as the BRA sinks even deeper into the financial abyss. And Gerald Celente is absolutely right when he predicts that there will be a formal devaluation of the U.S. dollar (probably a bank holiday as well). These are perilous times. We’re seriously screwed in The Banana Republic of America, collapsing basketcase of the Third World.

    • Otown Right Guy

      The Tea Party, a decentralized, leaderless movement, did not hook up with the GOP. The GOP started calling themselves Tea Party, at least at times when that suited them.

      But Celente is right in that many in the Tea Party are flag waving, bomb the fer’ners, Palin-types. That is their achilles heal. If only they would be anti-war. Now that would be a party that Ron Paul could run under and win. If they would draw that distinction with the GOP and support a non-interventionist foreign policy, they would represent a true third way. They could even pull in liberals, disgusted with the also war mongering democrats, who want to stop the wars and end the empire.

    • bobbobbobbob

      u make sense but CHINA STILL RULES. learn how to cook lentils; boiled eggs; rice and beans join a CSA ie local farm organization. good luck

  • HerrLT

    I really don’t like to be a fire and brimstone type guy – but don’t people around this debate see that this, and many other corresponding events are directly tied to a compilation of books written thousands of years ago? Don’t take my word, a church’s, a tele-reverend, or anyone else’s for that matter. Get a free NIV bible, start at Matthew and read it through…

    Regardless of spiritual belief’s, however, this country and the majority of Europe is going to be put through the meat grinder these next several months and years. My faith will carry me on though, just as faith led me to this website and many others like it. It connected me with other faith-driven, sinful, filthy beings trying to make the best life they can for their families and friends around them. The spineless leadership in Washington, Berlin, Athens, London, Rome, Lisbon, etc. are slaves to money. Man cannot serve two masters – God or money but not both… (to paraphrase something I read in that book I mentioned earlier)

  • DeathSpiral

    It’s an engineered collapse which explains why no one in Washington will take the correct steps to try and save our jobs, economy, social security or immigration policy.

    • justamom

      D.S., I really am beginning to wonder if you could be right about this….

      My 17 year old son asked me to explain the debt ceiling. He said, “I just don’t get it, Mom. Who in the world would think it is a good idea to borrow money to pay off debt? You’re just adding debt on top of debt.”

      How come the 17 year old can see that and our politicians can’t?

  • Mark

    With all the hype about not raising the debt ceiling and the damage that Obama is still trying to blame on the republicans,that is the same old game. Does any one on this blog expect a different result. Most of the elected robots in Washington have bought the votes by spending. They can’t help themselves anymore. They must get a rush from spending huge sums of others peoples money. It would take a miracle for enough small government types to be elected to make a difference. Way to many folks are on the government dole that will not vote away their benifits. If we can last till 2012, there is still a chance. We can always hope and pray for real adults to go to Washington.

  • callmecordelia1

    I’ve been reading your blog for a couple of months, and find it so interesting. I haven’t commented before, but I just wanted to say thanks for the great insights. I’ve been eagerly awaiting your take on the debt ceiling mess and was not disappointed by the article. Very interesting points. I understand that you’ll be busy with moving, but you’ll be missed. Hurry and get settled! :D Best of luck with your move.

    • Michael

      Thank you for the kind words. I will be so glad when this move is over. I would much rather be writing than packing stuff up and putting it into a truck. :)

      Michael

      • mondobeyondo

        Best of luck on your move Michael!

        • Michael

          Thank you Mondo!

          Michael

  • liberranter

    Michael, I can only hope that your indignation at this farce was aimed at the masses of mentally unwashed (i.e., those who don’t read blogs like yours with any regularity). Certainly no one who regularly reads or contributes comments to the ECB or similar blogs had any expectation whatsoever that this would be anything but political theater and that whatever “deal” came out of the whole charade would be exactly what we now see. Surely no adult with an IQ north of zero who has been living in the real world expected REAL budget cuts.

    • Michael

      Yes, I try to aim my articles at a broader audience. These articles are actually picked up by a number of “mainstream” sites, so I try to keep that in mind while writing them. :)

      Michael

  • Alasha

    According to Gary Null – there is a law since 1941 which says the bills have to be paid automatically hence the debt ceiling crisis was a total farce. sad if this is true including the many times the issue has come in the past 20yrs.

    Strange. Not sure on what to believe.

    Sigh

  • r.bitting

    The leaders of this nation have done everything they can to remove God from our daily lives and replace him with Government. Our lives have become consumed with meaningless distractions, to the point where, as a nation, we no longer hear God warning us through his people and through disaster to amend our ways. God has in turn given us the leader that we deserve to have ( read Romans ch. 1 ). Unless this nation repents ( which is’nt going to happen ), you can all expect the hole to get much, much deeper. That might sound dire, but it’s an accurate assessment of this nations future.

  • Steve

    While some losers like A.S. worry if Michael puts a period inside his quotes, the rest of us are ETERNALLY GRATEFUL that he unilaterally sacrifices family time to inform us of our impending doom.

    A.S. and other losers better be preparing (with the same meticulousness you use to criticize Michael) because a few dozen home invaders will surely soon slit your throat for a can of corn. How do you like that A.S.? Did you like my grammar asshole?

    • Highspeed

      You made me laugh!

  • Nostradamus

    Now that the Deal is done, a few days passed, emotions perhaps subsided, let me do a quick summary:

    Debt ceiling: Increased by $2.4 trillion
    Total Federal Debt after Obama first term: $17 trillion
    Revenue: Keep declining
    Expense: A cap on future increases to be decided by a ‘super’ Committee, so that expenses is guaranteed to increase at a rate far exceeding revenue.

    Net finance: No change from before
    Net dollar worth: To be debased by 10%
    Net US reputation: Destroyed

  • Colin

    This morning, as I was taking recyclables out, I saw a man at the trash cans. He was retrieving plastic bottles and aluminum cans so that he could sell them later to help himself and his disabled wife. He had been out of a job for over a year. I helped him out by giving him some of what I had that he could use. I am unsettled to think that in this country that this is what people must do to survive for one more day.

    As for the debt deal, the world market is reacting very negatively to it. The Dow Jones has slipped considerably, and there are signs that we may be heading towards a Black Friday.

    As for President Obama, I think he is his own worst enemy. An author once wrote, “Insanity is doing the same thing over and over again but expecting different results.” By this definition, our President is insane. The Republicans know that if they bully him, and force him to cry uncle, they will get what they want.

  • John B.

    This is business as usual. The government continues it’s destructive “free money” giveaway programs. And saddles the cost onto the working middle class by monetizing the debt. We will all pay for this with higher food and energy prices.

    Meanwhile, the Obama admin continues their crusade against the “right to work” states, Boeing, and businesses in general. It’s no wonder the stock market is selling off.

  • mondobeyondo

    Well, the Dow just took a nosedive today. It closed more than 500 points down. They all took a dive. The FTSE, Dax, Frankfurt, Hong Kong, etc etc…

    The markets are obviously scared. What’s causing this? Fear. A lot of fear. What’s harder to determine, is whether it’s fundamental reality-based fear, or just “get me the hell out of here” fear. I’m afraid that there are real issues that the typical “what, me worry?” attitude won’t cover up:

    – The U.S. unemployment rate’s been stuck on neutral. There is NO growth.
    – The Eurozone remains a mess. Next up in the default line-up: Cyprus.
    – Greece, Italy and other European countries are still on the financial edge.
    – The U.S. came within a hair’s width of defaulting earlier this week.
    – There is practically no economic growth in the U.S., the world’s #1 economy.
    – 70 percent of the U.S. economy is consumer driven. No consumer jobs – no money. No money – no spending. No spending for necessities (life without food is very, very hard) and no spending for unnecessary items. Baby formula, bread and beans are more important than a Playstation 3 or a movie ticket for “Cowboys and Aliens”. Sorry to tell you that… but it’s true!

    And less discretionary spending means no consumer jobs at JC Penney or Wal-Mart for the unemployed who are looking to be hired at new jobs. Hey, they’re the lucky ones. Why hire new people when you can barely afford to keep your current employees? Local businesses struggle and suffer the most, so Fred’s Tire Shop, Melissa’s Coffee Shop, and Julie’s Pastries have to shut their doors and lay off employees. Those new wealthy (giggles!!) laid-off employees will now go out into the marketplace and immediately buy Nintendo Wii’s, Androids, and iPads, right??

    (Sit in cross legged yoga position and repeat after me.. “70 percent of the U.S. economy is CONSUMER DRIVEN”…)

    Anyhoo…last point. *sigh*

    – The U.S. economy is sick. No, not from financial influenza, it has malaria. Maybe yellow fever or the Ebola virus. Hard to tell at this point in time… but if things really start to crash, we’ll all know it’s Ebola.

    The world’s markets sense this, and they are reacting. Let Obama, Bernanke, the ECB and everyone else sing “Don’t Worry, Be Happy”. Obama can go on primetime TV (interrupting “America’s Got Talent” for an entire hour!!) – and say “I just read this from an old FDR memo.. The only thing we have to fear is fear itself! So, don’t be afraid! Go out to the malls! Get out there to the dollar stores! Go to Pottery Barn! Go to Sears! Shop at Tiffany’s! If you can’t do so, borrow a few thousand from Chase or Bank of America, and THEN buy your wife a diamond ring at Tiffany’s!!” (George W. Bush said something similar a few days after 9/11, remember? “Get on the airplanes! Don’t be afraid! Travel!”)

    But investors are beginning to see through the facade… Do not be surprised at all if the Dow is below 9,000 by Christmas.

    Have some ice cream! How about a “double dip”?? Two scoops for the price of one!

  • mondobeyondo

    Oh I forgot. Karen’s Transmissions, and Brian’s Baby Boutique (just to sound a little less sexist and more politically correct).

  • Curt W

    Micheal,

    The most hair-raising news today was not global markets falling 4% but a small article that said the Bank of New York would begin charging a fee to warehouse large sums of cash, instead of paying interest on the deposit. This, to me, is a sign that hyper-inflation may soon rear its ugly head. If it does I think the collapse will be right on its heels.

    • Curt W

      When a bank charges to keep your cash safe, instead of paying interest on the deposit and using that money(loans)to promote economic growth. Then the wealth transfer from the masses to the few at the top is nearly complete.

  • Prepare For The Worse And Hope For The Best

    Didn’t think I’d see it in my life time but here we are. It’s been a fun ride. Wish it could have lasted longer though.

  • LOVE a good Horror show

    This is Soooooo exciting everyone!
    Last night we gathered the entire family around the TV set to watch the Economic Horror show!
    What could you not love about it!
    Total destruction of the worlds economy is one of the best horror flicks EVER!!
    Of course this horror show would not be complete without snacks, we cuddled together on the couch, popcorn and chips and turned the lights out and watched the NEWS with Terror delight!
    We can only hope that this sequel to the 2008 economic horror show will be better and more action filled with more horror and terror!

  • Dave Roberts

    I can’t understand why Obama doesn’t put out the true facts and charts. In the last 50 yrs every Republican president was responsible for a large increase in the debt, particularly Bush Snr and Bush Jnr, nearly every Democrat President reduced the debt even with spending more on social welfare. Obama got elected after George Bush increased the debt by 20% and then had a GFC because of “funny” paper money created by smart financial bankers. The only way to cut the debt is to stop wasting trillions on wars that can’t be won. The West couldn’t win in Iraq because of the hatred between Sunni and Shiites, the West can’t win in Afghanistan because of the corruption, the ‘clan’ structure etc. Get out and save money.

  • discouraged1

    Mondobeyondo, if you are talking free trade agreements, _Linton did more to advance them than Obama, Bushy and Bushy put together.

  • discouraged1

    Thai is supposed to be Clinton did more to advance free trade (sorry not usedto doing this on my droid yet.

  • T Bonham

    The more I read about the Super Congress (made of 6 Rep/ 6 Dems and the Pres) I am more concerned about how they will direct this country. Now starting to sound suspicious. They will be able to circumvent the House and Senate committees that have acted as funnel points for debate and slowing the progress of bills down. They will present for an up or down vote. This is NOT a good idea. Obama has only 12 people to convince, six actually plus his vote to move legislation through! The implications of the Super Congress sounds more like the Emperor’s Table of Twelve. Food, Ammo, and Silver are the ONLY investments you need to be making right now and plans to get to a secure area with others for common defense.

  • Randy

    Everyone in Washington has their heads so far up their u know whats that the methane is causing them to hallucinate about things other than what is really wrong with this country. The repukes and the tea baggers are the worst. Everyone is running around crying about the deficit and still are not focusing on the real problems with this country. The lack of jobs and the shipping overseas of a huge amount of jobs. The government should live within its means, however as history has shown us, now is not the time for spending cuts. It is only going to further damage the economy. If we could get the economy strong again increased taxes would put a big dent in the deficit. That is if the guvmnt would stop increasing spending. That’ll never happen with the current way of doing business in Wushington. So the economy just needs to hurry up n crash so we can start over.

  • Arivernameddenial

    Screwed again by our own countrymen. Time for the revolution to begin. It is treason to destroy the US. I do not know who this Obama is? Guess I should read his book that he did not write. May be that will give me an idea as to his teleprompter person. We are in for some problems with this so called leadership- both parties are screwing us. I am seriously looking at Ron Paul as candidate for president.

  • Phillip

    No man is an island,entire to itself; every man is a piece of the continent, part of the main; if a clod be washed away by the sea, Europe is the less…any mans death deminishes me,because I’m involved in mankind, perchance he for whom this bell tolls, may be so ill, as he knows not it tolls for him; and perchance I may think myself much better than I am, as that they who are about me…may have cause it to toll for me…therefore never send to know for whom the bell tolls; it tolls for thee.

    John Doone.

  • Phillip

    U.S.A. dropped from AAA to AA+.

    The death knell has begun slowly but surely.

  • 007

    Well, the Liberal, socialist have driven our country into the dirt. Our credit rating is gone. The market is crashing. Well done Obama. Try a little harder and you can totally destroy our country.

  • Darren

    Well, using the words of a former president, what we have here is “VooDoo Economics”. Very sad what Washington has come to.

  • Steven

    looking forward to a new post about the AA+ credit rating and what the chinese are doing.

    • Michael

      Sorry for the delay – moving to another state is kind of overwhelming me right now. :)

      Michael

  • http://anticarpolicestate.blogspot.com SmokeDogg

    Michael, no man the Tea Party is evil dude.

    The Tea Party is a Rothschilds op to start a Civil war and a Race War in America. They are sure doing very well to instigate the minorities too- like planned.

    The Liberals will soon have their very own Rothschilds backed version of the Tea Party, and when that happens all hell will break loose.

    John Boehner said openly that he got 98% of what he wanted, and I consider him a Tea Partier, and an ass.

    America is over dude, give it up already. Look to the future for a New World Order. Thats the real fight.

    The United States of America is doomed, and good riddance. We need a New World Order Under God, but to get a God Centered New World Order Satan’s must come first.

  • AAplusrating

    Hang on, we’re going down.

  • Highspeed

    Does anyone have any idea what effect the downgrade will have on Monday? Is it gonna get ugly fast or what?

  • InArizona

    Michael.. I know you are moving and all… but many of us are waiting for your interpretation of the S&P downgrade…. with baited breath!

    No, really, I hope the moving is going okay, and thanks for all that you do for us in getting the message out!

    • Michael

      Hopefully you will enjoy the article I just put up. :)

      I am still in the middle of moving, but hopefully by the beginning of next week things will be back to “normal”.

      Michael

  • Ray

    I’m no economic expert, but consider:
    If I’m some rich guy who owns hundreds of stores nationwide, and my employees are nearly idle, since fewer and fewer average folks are spending money in my store, and I get a tax break from the government, am I going to hire more employees to join my ranks of idle workers?

    This “job creators” moniker that the right wing is advertising through their fox “news” bullhorn is a myth. Seems to me that job creation is enhanced by CONSUMER DEMAND, bottom UP, not trickle down.
    Obama blew it on the stimulus….they should have concentrated on getting more $$ into the hands of people who would SPEND it, rather than caving and giving it to the Financial guys who hoarded it. But he was handed a giant turd sandwich from the credit-card mentality of the previous administration, so the blame is not all his.
    This could all be a moot point anyway, since the “Free Market” guys insisted years ago to eliminate “Big Government” import tariffs, you know, the things that protected us and even FINANCED our government before the income tax came along. So now, when people buy things, they buy from other countries and this nation of idiots stand around, scratching our …..heads, wondering what is happening to this country, while the Free Market guys stay hidden in the American flags (made in China)they wrap themselves in, counting their money (in the Caymen Islands).
    *************….even the rightwing United States Chamber of Commerce is for outsourcing, and thanks to the rightwing majority of the Supreme Court and their decision on the Citizens United case, the Chamber of Commerce takes in “campaign contributions” (bribes) from Communist China manufacturing companies and uses that money to finance (bribe) more republican Free Market-types.

  • flosser

    all these blogs are so interesting and informative. However, i have a problem with the so called ‘entitlement’ programs such as medicare, medicaid, social security.
    First, we as tax paying citizens have paid into those programs heavily during our working years. Some of us, self employed have paid double with the promise that after we reach a certain age, we could them start collecting social security or i like to liken it to a “pension”. So now tell me, where the hell is that money that millions of Americans have paid into for decades? Why will the elderly, infirmed, etc. be penalized? Why don’t we penalize the elected members of Congress and have them have to cow-tow to the same tax cuts we do? Where is the justice in all this bull?
    Nope…..doesn’t jive with me. I suggest that members of Congress have the same benefits that the average working person has……no more no less. Days of their entitlements should be over and then lets see what they have to say.

  • Grumpy

    This theater of the macabre, brought to you by the D&R crowd and their bankster puppet masters (and coupled with the S&P downgrade, which should have reduced UST’s to junk status instead of AA+), leaves only a small number of plausible scenarios going forward from here:

    1. The largest foreign holders of US debt (China, Japan, Russia, Brazil, etc.) begin selling off UST’s for something of valeu, resulting in hyperinflation and the destruction of the FRN/USD.

    2. US defaults on UST debts to foreign governments; dollar may be saved, but would most probably lead to a very serious, nation-ending war.

    3. The Fed prints enough to cover all outstanding UST debt, devaluing the dollar, leading to hyperinflation and the destruction of the FRN/USD. This scenario also is highly likely to lead to a very serious, nation-ending war.

    I’m sure our moneyed overlords are overjoyed at the prospect of watching all the ‘useless eaters’ tear each other apart over what amounts to table scraps whilst blaming each others race, religion, political affiliation, or socio-economic backgrounds for what is occurring. Special thanks in advance to the mindless ignorance of the majority of the US populace (people not unlike Gary2) for the coming chaos.

  • A.S.
  • Ouida Gabriel

    I have been reading a book called “The Great Depression, A Diary” By Benjamin Roth. Some of you mind find it educational and eye opening. It is like seeing what is going on right now already printed, and it is not pretty.

  • MDK

    God is in control.

  • CatNap

    Quoting: “If this is the best that our politicians can come up with, we are absolutely doomed.”

    Where you have gone wrong in this statement lies with the word, “our”…as in “our politicians”.

    The men and women in D.C. who are doing this are not working for the average American. They are the politicians of the elite. They are doing the bidding of them.

    And yes, America is doomed. The PTB are dismantling it slowly and doing so in such a way as to claim plausible deniability.

  • Arivernameddenial

    Time for a new article

    • Michael

      Sorry, I have been busy moving. :)

      Michael

  • https://libertyrevival.wordpress.com Think Out of the Box
    • http://libertyrevival.wordpress.com/ HenryGeorge

      I’m not the same person as above. I just came here because my blog was getting traffic because of the person above.

  • Motley Crew

    Time to ********** america……or are you just a bunch of fat idiots. Can’t you see where this is going?

  • Stolengoat

    Hey motley america is def hurtin and we may have to pay the piper real so but you can stow that anti american talk this site is proof that there are still patriots in this country. I’m 29 years old, got a 1 month old lil girl, selling the crap outta ADT security systems to scared folks just like me. Saving my measley greenbacks for an AR and a basement full of green bean. How the bleep did we get here??? How is it possible that a small town kid like me, with just a high school education can see the writing on the wall but so many around me just swallow the piles of crap the fat cats on the hill and in the media dish out. I got news for all of us. This ain’t the country our grandpa’s fought and toiled there lives away to pass on. We are sick and the colon cleansing is about to begin. I asked my mama what she wanted for christmas, she said “Good will on earth and peace for all men” I handed her a Bushmaster AR-15 told her “It was a do it your self project.” Good luck folks, I’ll be holding out in Southern IN. Eating good, right next to a thriving Amish community. One hand on my rifle the other on my fishing pole. Country Boys Can Survive

  • http://globaleconomicwarning.blogspot.com Global Economics

    THE NEXT PRESIDENT CAN’T FIX THE FEDERAL RESERVE THAT IS BANKRUPTING OUR NATION!…

    … paper money will become worthless… you have to prepare yourself and your family for the financial crisis ahead

    (click on my profile name to go to my blog to see my full video)

    This is a must see video… you have you prepare yourself and your loved ones before it’s too late.

    I’m posting my blog video here because I need to reach out to the real people who are effected by the Global Economic Crisis. Please pass this video on.

    • http://libertyrevival.wordpress.com/ HenryGeorge

      Have you read Honest Kucinich’s NEED Act of 2012? That bill ends the Federal Reserve and pays off the national debt with the Greenback.

      Honest money is one issued by the public for the public, without interest-bearing debt or taxation attached to it, and without government corruption of commodity markets, like gold. the act of the government declaring gold to be legal tender corrupts the free market in gold. Gold becomes fiat with fictional values.

      The gold standard is effectively the same as we have now, money issued by private bankers as interest-bearing debt. Partially backing the bank notes with gold just increases the ability of banks to force a deflationary contraction after an inflationary expansion. It is called fractional reserve banking, and it is the reason why the boom/bust cycle occurs and why we are enslaved by debt.

      Declaring a 100% reserve gold standard would just result in massive deflation, massive transfer of wealth to those with gold, and start a new dark age, simply because current values of gold do not reflect the wealth of the world, and must sharply increase in value to reflect the wealth of the world. It would also require the government buying massive amounts of gold to convert federal reserve notes to gold notes, resulting in massive taxation or interest-bearing debt at the benefit of those who hold gold.

      The Libertarians who promote gold are not Libertarians. They’re charlatans who want to corrupt free markets and steal wealth.

      http://libertyrevival.wordpress.com/documents/economic-conspiracy/

      http://libertyrevival.wordpress.com/documents/quotations/

  • http://libertyrevival.wordpress.com/ HenryGeorge

    we should be thankful that we aren’t getting shafted with austerity during a stagflation depression.

    for the first time in 3 years, obama has started to serve the people. his corporate masters unleashed him and allowed him to do the right thing after shoving the corporate agenda down our throats for 3 years.

    it is all to help get him reelected in 2012 so he can return to shoving the corporate agenda down our throats. just be thankful the corporate agenda is throwing us a bone before reelection.

    no matter who is president and who is congress, you’ll be getting the corporate agenda because it is the corporate media who makes or breaks a candidate.

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