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.
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……………
Have been reading this site for about a year and continue to be impressed with the quality of information provided.
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.
Thanks – my life is really crazy right now. Hopefully things will get back to normal soon. A long distance move really disrupts things.
Michael
Hope you are moving east Michael.
West doesn’t look so good right now.
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.
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
Hoping you have a smooooth move Michael. Praying for safe travels.
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
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
Super Congress = Gang = Politburo
Supreme Congress = The Terrible Twelve
Maybe the Fabulous Four can save us?!!
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.
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.
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.
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.
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.
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
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)
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.
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?
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.
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!
Best of luck with your move.
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
Best of luck on your move Michael!
Thank you Mondo!
Michael
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.
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
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
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.
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?
You made me laugh!
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
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.
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.
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!
Oh I forgot. Karen’s Transmissions, and Brian’s Baby Boutique (just to sound a little less sexist and more politically correct).
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.
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.
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.
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!
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.
Mondobeyondo, if you are talking free trade agreements, _Linton did more to advance them than Obama, Bushy and Bushy put together.
Thai is supposed to be Clinton did more to advance free trade (sorry not usedto doing this on my droid yet.
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.
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.
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.
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.
U.S.A. dropped from AAA to AA+.
The death knell has begun slowly but surely.
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.
Well, using the words of a former president, what we have here is “VooDoo Economics”. Very sad what Washington has come to.
looking forward to a new post about the AA+ credit rating and what the chinese are doing.
Sorry for the delay – moving to another state is kind of overwhelming me right now.
Michael
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.
Hang on, we’re going down.
Does anyone have any idea what effect the downgrade will have on Monday? Is it gonna get ugly fast or what?
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!
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
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.
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.
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.
Looks like the end of the U.S. has finally come: the debt rating got downgraded:
http://www.ibtimes.com/articles/194095/20110808/standard-poor-s-us-credit-rating-downgrade-s-p-debt-ceiling-debt-deal-aaa-aa-whitehouse-gop-obama-wa.htm
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.
God is in control.
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.
Time for a new article
Sorry, I have been busy moving.
Michael
Think outside the box folks. Obviously the current social political and economic structure is failing to meeet the needs of the 21st Century and beyond.
https://libertyrevival.wordpress.com/2010/07/14/milton-friedman-pay-off-national-debt-with-greenbacks/
https://libertyrevival.wordpress.com/2010/11/27/capitalism-without-monetary-justice-is-socialism/
https://libertyrevival.wordpress.com/2010/11/16/quick-debunking-of-free-market-or-competing-currencies/
https://libertyrevival.wordpress.com/2011/01/09/ending-poverty-and-political-turmoil/
I’m not the same person as above. I just came here because my blog was getting traffic because of the person above.
Time to ********** america……or are you just a bunch of fat idiots. Can’t you see where this is going?
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
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.
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/
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.