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When Faith In U.S. Dollars And U.S. Debt Is Dead The Game Is Over – And That Day Is Closer Than You May Think

A day is coming when the rest of the world will decide that it no longer has faith in U.S. dollars or in U.S. debt.  When that day arrives, the game will be over.  Traditionally, two of the biggest things that the U.S. economy has had going for it were the U.S. dollar and U.S. Treasuries.  The U.S. dollar has been the default reserve currency of the world for decades.  All over the globe it was seen as a strong, stable currency that was desirable for international trade.  U.S. government debt has long been considered the “safest debt” in the entire world.  Whenever there was a major crisis, investors would flock to U.S. Treasuries because they were considered a rock.  Sadly, all of this is now changing.  Today the rest of the world is losing faith in the U.S. financial system.  In fact, even the United Nations is now warning of the collapse of the dollar.  But if the U.S. dollar and U.S. Treasuries collapse, that will be an absolute nightmare for the U.S. economy.  If the rest of the world does not want our dollars someday, then what are we going to give them in exchange for all of the oil and all of the cheap imported goods they send us?  If the rest of the world does not want our debt someday, then how in the world are we going to be able to continue to consume far, far more wealth than we produce?

The rest of the world is watching the U.S. government run up record-setting budget deficits and they are watching the Federal Reserve print money like there is no tomorrow and they realize that the U.S. financial system is slowly imploding.

As mentioned above, now even the United Nations is warning that the U.S. dollar could collapse.  The following is a brief excerpt from a recent news report put out by Reuters….

The United Nations warned on Wednesday of a possible crisis of confidence in, and even a “collapse” of, the U.S. dollar if its value against other currencies continued to decline.

In a mid-year review of the world economy, the UN economic division said such a development, stemming from the falling value of foreign dollar holdings, would imperil the global financial system.

But it is not just the United Nations that is concerned about the U.S. dollar.

On April 18th, Standard & Poor’s altered its outlook on U.S. government debt from “stable” to “negative” and warned that the U.S. could soon lose its prized AAA rating.

At one time, it would have been unthinkable for Standard & Poor’s to do such a thing.

But today it is amazing that it has taken them so long to make such a move.  U.S. government finances are falling apart.

When the credit rating of U.S. government debt starts declining, interest rates will go up.  Just ask the government of Greece how painful that can be.  Today, Greece is paying over 16 percent on 10 year bonds.

The following is what John Williams of Shadow Government Statistics recently had to say about why Standard & Poor’s issued such a warning about U.S. government debt….

S&P is noting the U.S. government’s long-range fiscal problems. Generally, you’ll find that the accounting for unfunded liabilities for Social Security, Medicare and other programs on a net-present-value (NPV) basis indicates total federal debt and obligations of about $75 trillion. That’s 15 times the gross domestic product (GDP). The debt and obligations are increasing at a pace of about $5 trillion a year, which is neither sustainable nor containable. If the U.S. was a corporation on a parallel basis, it would be headed into bankruptcy rather quickly.

Look, the rest of the world is not stupid.  They know that the U.S. government is hurtling towards financial disaster.  The appetite among foreigners for U.S. government debt is decreasing rapidly.

In fact, according to Zero Hedge, foreigners are dumping U.S. debt at a very rapid pace right now.

In addition, the cost to insure U.S. debt has risen sharply in recent days.

Right now, the Federal Reserve has been buying up most new U.S. government debt with dollars that it has created out of thin air.  This is a giant Ponzi scheme, and it is a major contributing factor to the decline of faith in the U.S. dollar.

The dollar has fallen by 17 percent compared to other major national currencies since 2009.  What makes that fact even sadder is that all major currencies have been rapidly losing value compared to hard assets over that time period.  The dollar is just sliding faster than almost all of the other global currencies that are constantly losing value as well.

Anyone with half a brain could have seen that this would be the end result of reckless government borrowing, but unfortunately our politicians have been ignoring this problem for decades.

Now a day or reckoning is fast approaching and it is going to be very painful.

The U.S. government has piled up the biggest mountain of debt in the history of the world.  Just consider a few shocking facts about this unprecedented debt….

*If the U.S. national debt (more than 14 trillion dollars) was reduced to a stack of 5 dollar bills, it would reach three quarters of the way to the moon.

*The U.S. government borrows about 168 million dollars every single hour.

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

*It is now being projected that by the year 2021, interest payments on the national debt will amount to $1.1 trillion dollars a year.

In a previous article on The American Dream, I detailed some more absolutely horrifying statistics about U.S. government debt….

#1 If you divide the national debt up equally among all U.S. households, each one owes a staggering $125,475.18.

#2 The federal government has borrowed 29,660 more dollars per household since Barack Obama signed the economic stimulus law two years ago.

#3 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.

#4 In the new budget that the Obama administration has proposed, the U.S. government would spend 3.7 trillion dollars in 2012 and by 2021 the U.S. government would be spending a whopping 5.6 trillion dollars per year.

#5 The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.

#6 The total compensation that the federal government workforce earned last year came to a grand total of approximately 447 billion dollars.

#7 The U.S. national debt is currently rising by well over 4 billion dollars every single day.

#8 The U.S. government is borrowing over 2 million more dollars every single minute.

#9 The U.S. national debt is over 14 times larger than it was just 30 years ago.

#10 Unfunded liabilities for entitlement programs such as Social Security and Medicare are estimated to be well over $100 trillion, and nobody in the U.S. government seems to have any idea how we are actually even going to come close to meeting all of those obligations.

#11 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.  But this year alone the U.S. government is going to go about 1.6 trillion dollars more into debt.

#12 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

So have our politicians learned anything from the mistakes of the past?

No.

The U.S. government continues to spend money on some of the most ridiculous things imaginable.  For example, the Department of Health and Human Services has just announced a brand new $500 million program that will, among other things, seek to solve the problem of 5-year-old children that “can’t sit still” in a kindergarten classroom.

Isn’t it good to see the government investing our hard-earned tax dollars so wisely?

Of course if our kids weren’t being constantly fed foods packed with sugar, high fructose corn syrup and aspartame we wouldn’t have to spend 500 million dollars to deal with this problem.

When it comes to government waste, nobody seems to do it any better than the U.S. government.

Our politicians continue to assume that the rest of the world will always want our dollars and our debt, but that is simply not the case.

Over the past couple of years, global leader after global leader has publicly talked about the need for a new world reserve currency.

In fact, globalist institutions such as the IMF and the World Bank have been very busy discussing what the world is going to use as a global reserve currency after the death of the dollar.

The rest of the world is not sitting around waiting to see if the U.S. financial system is going to recover.  They are already making plans for the demise of the dollar.  They are increasingly using other currencies to trade with.  They are becoming more hesitant to buy more of our debt.  They are realizing that the days of U.S. dominance are coming to an end.

So what is that going to mean for us?

It is going to be a complete and total disaster.

Right now, we live far, far beyond our means.  We borrow gigantic piles of money to make up the difference between what we produce and what we consume.  We are absolutely dependent on the fact that the rest of the world will take our dollars in exchange for the things that we need.

The current situation is not sustainable.

It will come to an end.

When it does, our standard of living is going to feel like it has changed overnight.

  • DownWithLibs

    “Faith in the US dollar dead”: I can smell it now!

  • William

    There are things that can be done to save America, but they will not happen. For example:
    End the unnecessary wars. Cut the DOD budget by $50 Billion a year for five years. Bring all American military back to the USA. Increase the monthly Medicare Part B premium to $250 a month (now about $115); there are NO freebies in life. Raise the amount of income that is Social Security taxable. Go back to the 39.6% top marginal tax bracket. Reduce the federal workforce by 20%, or more. End the tax subsidies to highly profitable industries. End all foreign aid. Of course, none of these will happen. America is dying, or already dead.

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

      These are rock-solid suggestions. And you are correct, they will never be implemented. The corporate welfare would be #1 on my list.

    • omer

      You are still not comphrehending the scale of the disaster.

      All of that still wouldn’t eliminate the deficit. If you reduce defense spending to 0 dollars a year, we would still run in the red 500 billion dollars this year alone. All your other suggestions are marginal reductions in that 500 billion dollars.

      What would make a substantial impact on the debt would be the complete elimination of the mortgage deduction, reduce defense spending by 50% at least, allow SS tax on all income, not just the first 106,000, repeal the Bush tax cuts, implement more taxes especially on the top bracket, cut SS/Medicare benefits by 25%. And that’s probably not enough.

      I’m pretty much convinced that it’s literally impossible to kill the deficit, let alone pay down the debt. Even if we took the steps to slash the federal government drastically, then the entire economy will crash. What if we lay off a million federal workers; where are they going to find jobs in the private sector? The competition for jobs gets even more extreme. On top of that, we lose massive regulatory oversight, leading to more E. coli outbreaks, more mine disasters, more oil spills, more environmental pollution.

      Basically, stock up on peanut butter, bottled water and grab some ammo because the next few decades are going to be a rollercoaster.

  • Bors Sand

    The rest of the world loves screwing themselves as much as we do.

  • Jeff

    Great article. Between the enormous American, European and Japanese debt levels, great problems loom ahead.

  • Mr Carpenter

    Argentina has been through such a thing, and so was Russia after the Soviet Union fell (as well as Ukraine and other ex-soviet regions).

    The difference is that we have a lot farther to fall than they did.

    Of course, if the Fukoshima accident is as bad as it seems to be (3 open-to-air-and-water partially melted nuclear cores with possible breaches of the bottoms of some of the containers), then we’re all walking dead men and women and children right now, and all of this money stuff will be moot.

    Dead people don’t care whether their government was a traitorous bunch of bastards or whether our money was all a lie.

  • Steve

    This is exactly the same line of thinking that Peter Schiff has been preaching since before the meltdown of the economy. I think it is right on the mark.

  • Sell Bernanke’s Debt

    When the dollar collapses it will be like a nuclear bomb. From the outside, everyone will look on with awe until -too late- the shockwave spreads out knocking down all the straw houses. Even the “rock solid” enterprises close to the epicentre (those doing business with US companies or holding treasuries) will be hit. I wonder how the Chinese would react? What would they demand for reparations?

  • HerrLT

    Quite a sad state of affairs. I’m a student of history and what happened when Rome officially folded was horrific. The periphery of society is already feeling this. Camden, Detroit, Stockton, Oakland, Gary, etc. – former cities with bright futures are now slums.

    I have a great deal of faith in God, but it sends shivers down my spine to think of just what people with nothing to lose and are hungry are capable of doing. One thing not discussed is a slow breakdown with regard to being an armed society. In Argentina, Weimar, Zimbabwe, Brazil and other countries that have experienced currency debasement the citizens do not have the right to bear arms. Perhaps instead of banging on pans and knifepoint muggings there would be blood in the suburbs and gunshots constantly ringing. God help this country.

    • D-Hawk

      I think you raise a very good point. What will happen when the US is officially recognised by the world as no longer being the dominant superpower? Obviously the way of life of 300 million Americans will never be the same again, and the ripples will be felt all over the Western world.

      I think it’s fairly obvious that the other countries know what’s going on, they’re just milking this dead system for everything its got left to have them strategically placed to benefit from its eventual downfall.

      One thing is for certain, American living standards are going to be going down big time in the near future…

    • rufus13

      “Perhaps instead of banging on pans and knifepoint muggings there would be blood in the suburbs and gunshots constantly ringing.” -HerrLT

      Count on it. Old grudges get settled when there is no one to investigate or care. Consider that not only the US Government keeps lists of people with detailed info. Pieces of Gov’t and regions may go at each other with the arms they have all been issued recently. Of course, having a gun doesn’t make you a shooter any more than owning a surfboard makes a surfer. Elmer Fudd is everywhere.

      John Robb has some interesting ideas for Tribes and intentional communities who might be large enough, well-led enough, and well-funded/skilled to make it 10 years intact after some versions of “collapse”.

      Cheers.

  • David

    Some of this is just hyperbole. For instance, the following is rather meaningless: “If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now. But this year alone the U.S. government is going to go about 1.6 trillion dollars more into debt.” So…two thousand million is 2 billion…so what? It’s not very interesting that we’re adding 1.6 trillion in debt when there’s already 14 trillion. Gotta spice it up, eh? Also, I note you don’t mention that many other industrialized nations have a higher debt-to-gdp ratio than the US. For instance, Japan’s debt is more than 400% of their GDP. Ours is more like 100%. Yeah, it’s not a good direction, but half your statistics aren’t very shocking at all. Is Bill Gates supposed to be so rich he owns the whole economy or something? And how many ways can you slice “this is the level of debt”? a million dollars a minute! a thousand dollars a second! A Benjamin every eyeblink! Several billion per fortnight! 41 cents per dollar, why that’s 41 bucks per Benjamin, $40k per person, $5k per cat and dog, etc etc.

    • Nexus

      Don’t see the point you are making…just lots of random words. The issue is that the US economy has hemorrhaged millions of jobs, lost up to 50,000 manufacturing firms…standards of living in the US from the 1970’s have been propped up by cheap debt. The point is that no one is addressing the problem – even moderate tax increases are not being considered to try and start to balance the budget. It has been possible for the US to bludge a living off the rest of the world but that will end.

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  • http://thedreamaker.myefoodsglobal.com/ Jeffrey Waldrop
  • http://thedreamaker.myefoodsglobal.com/ Jeffrey Waldrop
  • http://thedreamaker.myefoodsglobal.com/ Jeffrey Waldrop
  • Ken

    It’s unfortunate every American can’t read your post and wake up to our dire future. I enjoy your posts because they are backed by facts. When the crisis does hit most will be blindsided. Prepare and pray.

    • Michael

      Thank you for the compliment Ken.

      I also think your advice is very appropriate.

      Michael

  • Gary2

    More conservative cancer: (I copied this from a huff post comment)

    In the Tea Party world we would all be free.

    Free to work seven days a week, 365 days a year.

    Free to pay for our own healthcare at any rate set by any insurer or d.i.e.

    Free to eat whatever toxic food is packaged and sold to us without inspection­.

    Free to pave our own roads, supply our own water, pollute our entire neighborho­­od as we see fit.

    Free to di.e at a higher rate than any worker in the world in any industry of choice.

    Some freedom

    Stop the republican cancer from completely destroying the country.

    • Cindi

      You need to look beyond the false left-right paradign, stop drinking the HuffPo/Dummie Underground Kool-Aid and learn to think for yourself instead of parroting lies.

      “Taxing the rich” – you want to further tax those who provide jobs, including small business ? And what will government do with the money – blow it on more stupidity like spending several billions on new Volt cars to save a paltry 117k a year ?

      Here’s the slogan you and all your HuffPo buddies should get behind…Stop The Looting and Start Prosecuting.

      Until we wipe the fraud and lies out of the economy and government, there will be nothing but collapse.

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

      I’m with you on this. Conservative wins would set us back 100 years. Child labor anyone?

    • Omega Man

      You still don’t get it, do you? It doesn’t matter. If the U.S. economy goes down, it will take the rest of the world with it, including China (who will buy their stuff when we – and most of the rest of the work, too, for that matter – can’t?). Then, we’ll all be as you say: Free. Free to try and scratch out a “living” 24/7/365, just to (hopefully) eat and do the other things necessary to stay alive. Insurance? more like protection, to be paid to your local gang or warlord. Healthcare? Hope you know some first aid and perhaps have access to some herbs, ’cause that will be about the extent of your “healthcare” post-collapse/civil war. Yes, you will be supplying your own water and it will almost certainly be polluted. 300 million people can make quite a mess of streams, lakes, rivers etc., when the plumbing gets turne off – permanently! You will be glad for any food you can scrape up; preserved, toxic, or otherwise. If the collapse comes, there won’t be any Medicare, Social Security, or welfare for you to worry about: Period. And yes, you will be dying at a higher rate…believe it. And, it won’t all be death by disease or accident, either. During and after the collapse a very high percentage will be done in by lead poisoning. And, it will affect liberals, conservatives libertarians et al equally. Because, you see, it appears that Benjamin Franklin was right (to paraphrase him). We all seem to be unable to hang together, so we are all going to hang separately! When he comes, the Grim Reaper will harvest everyone without regard to race color, creed, social position or economic status. Though I suspect stupidity will still get an “e” ticket to ride.

  • Gary2

    Tax the rich HARD and tax the corporations HARD (2/3 do not pay any federal taxes-(usuncut)

    Stop cutting taxes on the rich and tax them hard.

    This will go a long way to solving these economic issues.

  • Gary2

    On April 18th, Standard & Poor’s altered its outlook on U.S. government debt from “stable” to “negative” and warned that the U.S. could soon lose its prized AAA rating.

    These crooks also said wall street crap was good. They sure have a good track record and a lot of creditability. NOT!

    Who gives a rip about the rating agencies.

  • McKinley Morganfield

    Those who believe we can tax our way out of this mess by devouring the evil rich should read this humorous, accurate analysis:

    http://iowahawk.typepad.com/iowahawk/2011/03/feed-your-family-on-10-billion-a-day.html

    IMO there is no way to avoid the coming Greatest Depression Ever because: a.) there is no will in the political class to come clean with the American people, b.) the big banks and hedge funds are being protected by Obama and Bernanke, and c.) most important of all, the people don’t want to hear the painful, frightening truth.

    BTW, Michael you neglected to mention that Russia and China no longer conduct their trade in dollars and that India, Brazil, and South Africa are getting ready to join this dollar free trade pact. Plus, according to some sources Qaddafi was getting ready to stop accepting USD for Libyan oil, hence bomb Qaddafi. IMO these issues (and others) are more germane to your thesis (which I agree with) than piling $5 bills to the moon. ;-)

  • Ben Dover

    $50 billion a year cut from the DoD is not nearly enough. Four times that would help, but we need $2 trillion dollars in cuts overall to have a prayer of pulling this thing out.

    Follow Gary2’s advice and chase job creators out of the USA. We do not need socialism, as it has failed everywhere it has been tried. We need free markets that are really free. Forcing the banksters to make loans that any sane person would have never have made was only made possible by an implicit guarantee of a bailout.”Taxing the rich” to give more freebies is what got us where we are now.

    The likes of AIG, GM, Chrysler et al should have been allowed to implode. Let someone else move in and pick up the pieces. We would be a few years into economic recovery if they had been allowed to collapse.

    I am not in favor of welfare, corporate or otherwise.

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

    A collapse of the US Dollar would mean a much lower US Dollar Index based on the following basket of currencies:

    58.6% Euro
    12.6% Japanese Yen
    11.9% Pound Sterling
    09.1% Canadian Dollar
    04.2% Swedish Krona
    03.6% Swiss Franc

    At its start in 1973, the US Dollar Index was 100. It has since traded as high as 148 in 1985 and as low as 71 in 2008. It closed at 75 on May 27, 2011.

    Are the Euro, Japanese Yen, and Pound Sterling really better than the US Dollar?

    The real problem will be a collapse of all fiat currencies relative to hard assets such as gold or silver.

    Before new asset backed currencies are issued, the US government will have to implement severe austerity measures. After programs including Medicare and Social Security are eliminated, martial law will be required. Senior citizens will lose their right to vote if any more elections are held.

    To balance production and consumption, China’s one child policy will become law in the US.

  • Gary3

    *sigh* Gary2, I wish you and everyone else would get a damn grip.
    Just because people are not wanting government regulation of things does not all of a sudden imply that the world will fall apart as you suggest.
    It’s like you’re suggesting if there were no laws against murder, there would be lots of random killings daily. Have you given a thought that criminals don’t care about any law and will break them anyway?
    By the same token, law abiding citizens wouldn’t go around shooting each other if there was no law against it either.

    ‘Pave our own roads’? Please. Ever hear of a private toll road? I’m not talking about government toll roads, which are both paid for by taxes AND the toll and the road is STILL terrible. What? you don’t want to pay for a toll road? how about if there was no tax on gasoline and the road owner instead got paid directly for maintenance of the road?

    ‘Free to pay for our own healthcare at any rate set by any insurer or d.i.e’
    Again what a red herring argument. Do you have ANY idea what your healthcare provider charges your (government monopolised) health insurance provider? You have NO idea. The health care prodiver will charge 3 different prices for the same procedure (‘private’ rate, health insurance rate, Medicare/Medicaid rate). When you go to the gas station do they charge you 3 different prices for the same grade of gas?

    You really don’t believe in free markets? How is it that things like Lasik and orthodontia which are by and large cosmetic procedures, are COMPETITIVELY priced? and people can afford to have it done inspite of health insurance not covering it? If health care providers can do medical procedures like that, why can’t I have a competitive marketplace with doctors competing for my business for a regular checkup? Instead I don’t even have a choice of which insurance company I’d like to use.

  • http://www.spiritjewelry.info Suzanne

    Personally, I think that we’re going to be seeing the poop hitting the fan as early as this fall.
    We all know that S&P’s rating system is bullcorn… they certified all those toxic derivatives as AAA too.
    The inflation is just starting to hit.
    They’re in a 3rd theater of war (Libya) and going after Pakistan (4) and Syria (5). The overreach is insane.
    They’re printing money willy-nilly and they’re already announcing that they’re going after federal pensions first, followed by grabbing our 401Ks and IRAs. Governments always plunder everything as the go down the drain.

  • http://endtimeinfo.com Doe

    @Gary2 The rich control everything, including the laws, so that’ll never happen.
    The moves of most of these agencies are part of the plot, it’s just another way to influence market sentiment.

    If you know what’s behind these economic events it’s easier to understand why it’s happening.

    More on the Economic Crash

  • http://www.tellusyourjoke.com Harold Crews

    When the ship is going down the only sensible thing is to start heading for the life boats. The answer is to either immigrate or become a secessionist. Everything else is rearranging deck chairs.

  • http://www.pathtoasia.com rhea

    Things are worse than they appear. US debt continued to rise in “good” times, but now, somehow, facing an epic economic slowdown, it does not matter if the US Dollar is the best of the turfs in the sewer. If there are no prospects for debt repayment, the dollar is toast, and the Treasury market along with it.

    We help you find jobs in Asia – http://www.pathtoasia.com/ and in the USA – http://www.jobwaltz.com

  • morpheus

    David,

    First off, Japan’s debt to GDP is 200% not 400% and the majority of it is internal debt meaning the high savings rate of the citizens has been drained for 20 years since there banks and housing imploded. The U.S. on the other hand has there debt held externally which is far more volatile. That’s the whole reason there are monetizing 70% of it in the treasury markets. But we all know that money from the Fed isn’t “free” since it isn’t a part of the government and is a separate entity. Second, the last time the U.S. was over 100% debt to GDP was after World War 2 when it was 120%. What did they do to bring it down. 90% tax rate on the rich. Right now it is 45%. Do you really think it will get back to 90%? It wasn’t lowered to 70% until the Kennedy administration. Even if we went back to taxing at 90% we still wouldn’t be able to get the debt or decifit under control because of the size of entitlement obligations wheich weren’t around in the 40’s. I agree with you that Mike went a little overboard slicing and dicing the numbers to demonstrate how absurd they are. The reality is you don’t even need to do that. It is self evident.

  • Jeff198524

    The debt ratings given by the Chinese rating agency Dagong are more accurate. They’ve given no nation has a “AAA” rating. Britain and the US have been downgraded to an “A+” by Dagong, with more downgrades likely to come.

    83% of US debt is being bought by the Federal Reserve. Look for China and Japan to start dumping US debt and EU debt.

  • Maria

    Fiat currency and fiat debt is a pyramid scheme. Ask yourself who is at the top of the pyramid?

    When we took our currency off the gold standard in 1973, the banks didn’t have to own the gold anymore. Ask yourself what happened to all that gold?

    When was the last time the U.S. conducted a physical audit of “we the people’s” gold in its vaults? 1974. Before that 1953.

    The world’s fiat system was designed for…conditioning…collapse…and control.

    Conditioning…through decades of easy credit access. Why save when the bank will give you the money practically free? Wink. Wink. Interest rates kept going down. Everyone became addicted to the easy money.

    Collapse…when the banks allowed borrowing way beyond the ability to make payments. Everyone got in on the game from mom and pops all the way up to mega corporations.

    Control…when the banks found out they would be covered. In 1984 the Comptroller of the Currency indicated that the eleven largest banks in the Unites States were too big to fail and would not be allowed to fail. Google Continental Illinois Bank in Chicago.

    So let’s get this straight…the banks don’t have to buy gold anymore, our money isn’t backed by anything tangible, nobody audits the only tangible money “we the people” supposedly own…gold, and the banks are given a free pass to make loans to infinity with no fear of failing!

    I haven’t even mentioned taxes, money printing, comprehensive budgets or the myriad of other schemes we now know are a complete farce.

    Who is at the top of the pyramid?

    Now tell me again how this fiat economy isn’t rigged for failure?

  • http://food stingray

    15 trillion for sure!!!

  • Maria

    Hey Cookie Monster guy,

    Do you really want to keep the IRS? Tax the wealthy and corporations 100% and they will never pay their share…some not even a dime…especially corporations. The tax code is designed to protect them and enslave everyone else.

    The entire global economy is imploding and the new system will be even worse than the old one if we allow the IRS and the Fed to survive. The mega banks and corporations will continue to own everything, and they will control our government even more than now.

  • Kevin

    Gary2

    Tax the corporations at 100%. As long as they can employ labor at 50 cents / hr devoid of environmental and safety regulations and import their products duty free into the US we’re headed downward because we’re not creating wealth.

    Look at it like this. If you pull out of your MAC / ATM and don’t put as much or more back in eventually the account will run out. Planning the distribution of funds is not the solution. Creating more funds is.

  • mondobeyondo

    When Argentina went through its most current economic crisis (one of several) in the early 2000’s, the people took to the streets, banged pots and pans loudly, lit a few fires and threw a few Molotov cocktails. Stores were burglarized. But nobody that I’m aware of was shot. It’s possible the police may have shot a few people though.

    When it happens here, it will be a different story. Our populace has guns. Lots and lots of guns. Oh yeah, and the police have guns too.

    Should be a rootin’, tootin’, shootin’ good old time in this country when it all falls apart.

    At that point, I just might move to Argentina…

  • Publius

    I had thought it was nuclear weapons and military force that made the dollar the dollar. It seemed to me that so long as piracy could continue the dollar would continue as reserve currency. Not that other nations wanted it, but that they had no choice. If the move is away from the dollar to a global currency this of course means that the powerful few created by the Empire of the Atom do not need Festung Amerika as they have control of planet Earth without needing the proxy.

  • Jeff198524

    Japan has massive assets, so it’s still solvent, Plus Japan and some European nations are decreasing spending.

  • http://www.catholicthinker.net/ PaulF

    A lot of good information in this post:

    http://globaleconomicanalysis.blogspot.com/2011/05/hyperinflation-nonsense-in-multiple.html

    John Williams, for example, (who I used to subscribe to), has some fundamental misunderstandings of global economics.

  • http://www.catholicthinker.net/ PaulF

    Gary’s right about the ratings agencies – the whole industry is a crock.

    If it were common knowledge that the entities that they rate are the ones that PAY ALL OF THEIR SALARIES, everyone would realize that.

  • http://www.catholicthinker.net/ PaulF

    David, where did you get that Japan is at 400% debt-to-GDP? It’s a about 200%.

    One important difference is that the vast majority of JPY gov debt is held by its own populace.

    But, yes, Europe is just about as screwed as we are. And screwed we are. (Well, financially.)

  • sharonsj

    Jeffrey, thanks for the videos. I’ve seen Celente many times before and he’s always interesting.

    For the last two years I’ve been stocking up on a variety of food, liquor, etc. Buying jewelry for barter. Learning how to can and preserve food. I have had what us hippies use to call “bad vibes” for several years and I don’t see things improving either.

    Our elected reps ignore anyone who isn’t rich and, for the last 30 years, Congress has been giving away America to the highest bidder. Obviously this can’t go on because half the population is going broke.

  • Piglet

    [#7 The U.S. national debt is currently rising by well over 4 billion dollars every single day.]

    Amazingly enough, many experts claim the way to recovery is to go way deeper into debt. That’s like having alcoholics drink their way to sobriety.

  • jayoh

    yea its scary. I know its a matter of when not if……………….godspeed, prepare and goodluck to all.

  • Josh

    Hey Gary2,
    Did you put your money where your mouth is and take in a homeless person and start solving all his problems with your money yet? Why not? You are richer than him. Tax yourself and pay for him. Lets see you live your own bullcrap. Or do you just want to tax people richer than you?
    Raising taxes to pay for gov’t waste. What a novel idea!

    • HerrLT

      You are correct. It’s fools like him who want t ‘pass the buck’ while at the same time screaming so loud everyone ignors him. Once trolls like him stop ranting and start doing these issues will take a turn for the better.

  • Book

    David,you said “So…two thousand million is 2 billion…so what?”

    Yet, the article clearly said “If you were alive when Christ was born and you spent one million dollars EVERY SINGLE DAY since that point, you still would not have spent one trillion dollars by now.” (Caps added for emphasis)

    Therefor, the math is not 2011 x 1 Million, but 2011 x 365 million.

    The reason that the author used this statistic, and others like it, is because there are many of us who have a difficult time imagining such large numbers as a trillion in actual value. It is much easier to get a grasp on spending a million dollars every single day for 2011 years.

    David, just out of scientific curiosity, would you mind letting us know your age?

  • Kevin

    mondobeyondo

    They are armed in Argentina. Read the book about it, “Surviving the Economic Collapse”. Actually military grade weapons we’re not uncommon.

    The unarmed / unprepared we’re preyed upon by the criminals.

  • Kevin

    The greater the reach of the US (as in the ending of the cold war) the greater the number of nations that need to use the USD as it’s reserve currency. The greater the number of nations using the USD the greater the pool to dilute additional currency into.

    Many think there will be a “new” one world currency. All that is needed to make a currency truly one and global is to freeze the inter currency exchange rates. The pictures , colors, numbers and phrases on the piece of paper are meaningless. You can hold a pile of Jeffersons in your hand comfortable that you have US money when in reality it’s not.

    Appearances are just that, appearances.

  • foldenfan

    Gary2,
    Hopefully you will someday grow up and realize that BOTH political parties are equally culpable, and are, in fact, bought and paid for by the elitists behind the Federal Reserve/Wall Street banksters/military industrial complex corporatocracy. Gerald Celente calls it a one party 2 headed political system run by the Ivy League “White shoe boys.” That says it pretty well.

  • Bizz!e

    This is so exciting. It’s like waiting for Christmas morning, but having presents taken away instead.

  • Rachel

    the us is stuck between a rock and a hard place. our dollar is the petrodollar. the middle east oil producers want to accept either gold or the euro as reserve currency.

    the banksters just ripped off the american people of trillions of dollars.

    we produce nothing. nearlt all manufacturing has been shipped overseas to increase profits.

    we have Isreal activily bribing our government to cover up the theft of arab lands…which is why the arabs have punched back by trying to take away the petrodollar.

    we are not in the middle of a “collapse’ but rather a currecny war. if Suadi Arabia goes from dollars to euros for oil we are totally done. that is the finial nail.

    the us would have to buy all our oil in euro and we don’t have anything to sell. over 60% of our oil is imported. we would have a massive gas crunch.

  • mondobeyondo

    Checkmate. Game over. It’s just a matter of time.

    Someone (Albert Einstein?) said that the definition of insanity is doing the same thing over and over, and expecting a different result. This country has a $14 trillion plus debt, and yet we continue to spend and spend… and our politicians claim that we can “borrow our way out of debt”?

    That is not just insane, that is lunatic asylum, strait jacket insane.

  • Rev. Reggie Jackson

    I wonder what will happen first? The Crash of the dollar. Or the Crash of the economy? Or the beginning of World War 3? Either way, the New World Order International Bankers/Illuminati kingpins will eventually have their way and try to force everybody to take their zombie making and mind controlling Mark of the Beast chip in their forehead or hand.

    And in the end; God will pour out His mighty plagues upon them for 42 months; because they have killed most of His people who wouldn’t take their beast chip according to Revelation 13 & 14. Especially Rev. 14:9-11 that says that if you take their Mark (chip) that you will be tormented 24/7, forever and ever. Why? Because it will mean that you have joined and sided with Satan and his antichrist beast leader and leaders!!

  • http://www.catholicthinker.net/ PaulF

    “Hopefully you will someday grow up and realize that BOTH political parties are equally culpable, and are, in fact, bought and paid for by the elitists behind the Federal Reserve/Wall Street banksters/military industrial complex corporatocracy. Gerald Celente calls it a one party 2 headed political system run by the Ivy League “White shoe boys.” That says it pretty well.”

    Just wanted to repeat that.

  • Frank

    -National goods and services sales tax of 5%.

    -Complete withdrawal of US forces in Europe, Korea and Japan.

    Total end of foreign aid.

    -Slashing of federal workforce.

    -Total banning of useless degrees at taxpayer funded public colleges and universities, ie. Womyn’s Studies, Herstory, Chicano Studies, Afro American Studies, Minority Studies, 19th Century German Poetry, etc.

  • Daniel

    Well, it looks like another false flag attack (like 911) will be right around the corner.
    Be and stay prepared.

  • El Pollo de Oro

    “Our digital money isn’t even worth the paper it’s not printed on.”—Gerald Celente

    No, it’s not. And when the American dollar becomes even weaker than it is now, the you-know-what is going to hit the fan in a major way in The Banana Republic of America (formerly the USA). It won’t be pretty.

    “When the money stops flowing down to the man on the street, the blood starts flowing in the street.” —Gerald Celente

    These are very dark times for the collapsing Third World Ponzi scheme that is the BRA. God help The Banana Republic of America.

  • Ty

    After two + years, Im finally starting to give up on warning people. Normalcy bias is no joke.

    • Bill

      No, it’s not a joke, its reality. Look at the union protests in Wisconsin and elsewhere across the nation. They don’t care what their entitlements do to their state, they want their benefits.

      And a congresscritter just got elected from new York on the platform of she wouldn’t do anything to Medicare entitlements.

      There are far to many out there that are demanding entitlements, that are going to wake up someday soon and find they are left with nothing.

      • Talisman

        The problem is not “entitlements.” We pay taxes and we deserve services in return. The problem is endless war, corporate bailouts, and the fact that 1% of the population has a HUGE share of the wealth. You don’t want to give me entitlements, then I don’t want to pay taxes.

        • Richard

          Entitlements need to come to an end. They consume nearly a 1/3 of our debt. End entitlements NOW!!! Cut all federal programs in 1/2. Simply put spending not revenue is the problem. Implement the FairTax. Get rid of all these needless regulations which are killing jobs.

        • Mike

          Totally WRONG!

          Government has the duty to secure the borders, provide for national defense, and provide a STABLE framework for commerce.

          NOTHING ELSE!

          If they made a promise in exchange for a tax, that was wrong, but they must perform their duty. Beyond that, 90+% of the “government activity” is forced “services” that intelligent people of integrity don’t want.

        • WTH

          So-called entitlements include Social Security and Medicare which, by law, is deducted from our paychecks so I do not know why they call it an entitlement. To me, the word implies that a person is expecting something for nothing like Welfare. I believe the government uses the word inappropriately.

        • Georaider

          I dont want to pay taxes either, and I dont want to pay your Entitlements..Tithing yes, but no one is Entitled to anything.

  • mondobeyondo

    @ Kevin

    Thanks… I was not aware that some of the people in Argentina are armed and allowed to carry guns.

    I knew that was the case in several European countries, such as Switzerland.

  • Sgt shut up

    You people on this site remind me of the preacher in California. Predicting the end and when it doesn’t come (like the one about this fall) you just keep on making mindless predictions and IF the end of America comes only the few with special survival training will live.Sooo I would have to guess that none of you will be around to see it anyway.

    • Bill

      And you think these deficits and spending levels are sustainable? That we aren’t going to have a financial meltdown?

      If so, I’d sure like to hear how you think the U.S. is going to continue to fund these liabilities.

  • 007

    The Roman empire, got into the same identical situation. In the end they tried to TAX THE RICH HARD. The tax was so repressive the economy collapsed. All business and commerce shut down. People sold themselves into slavery to avoid the crushing taxes. Those that survived lived as servants for small local farms. The farms survived by hiding their income from the ruthless tax collectors. In the end, the citizens of Rome were actually relieved that they were invaded by foreign powers and the evil unsustainable system was finally killed.

    I hate when people don’t bother to learn from deadly mistakes of history, before they insist we jump off the same cliff.

    • Sgt shut up

      What was the tax rate in the 1950’s on the elite???

      • T Bonham

        What does that have to do with our economic situation today? Even if you taxed all income at 100%, you will not cover the deficit for one year.

        Taxing those that create business’ and hire people is not, will never be the answer to government waste, it will only give them more incentive to spend more.

      • Raymond Chandler

        In what Universe is the current situation workable. I find the gloom and doom conspiracy theories too, but still, there is a point here you are missing.
        The US Goverment is spending 800% more than it takes in in revenues. Even if these people are wrong about the nearness of the day reckoning, a day of reckoning will surely come.
        Deny it if you will, but no nation in history has ever reach this level of indebtedness and escaped hyperinflation.
        I understand doom and gloomers can make you doubt the whole thing, well, do your own research.Find out if the figures are accurate. If they aren’t, then club them with facts.
        The tax rate on the rich in the 1950’s is irrelevant to the US’s current dilema. The goverment could tax everyone at the rate of 100% percent and still not be able to balance the budget. That’s how badly screwed we are.

        • Sgt shut up

          It’s relevant when Ryan is calling for a drastic cut in Medicare and then has the balls to say in the next breath “cut takes for the rich”. Trickle down wont trickle to the old and disabled.

  • mondobeyondo

    Yes. The end IS coming. Jesus said so.
    But it’s better to listen to the words of Jesus (Matthew, chapter 24) than to listen to some preacher guy in California.

    No man knows the day or hour when Christ will return. Certainly not that old preacher guy. Jesus said so Himself!

    Jesus tells the truth. It would be wise to listen to Him.

    If you wanna take a shot in the dark – I think Jesus will come back on 11/11/11 at 11:11am. But that’s just me. And I’d be wrong.

    • http://www.prisonplanet.tv skywarrs

      Correct, listen to what Jesus said, the truth will make you free. Not man, government, nobody can make you free. No matter what the economy dictates. As for the 11/11/11/11:11am could be another false flag event to sink the ship even quicker than it is going down now, it would be like sending a torpedo to the side of the titanic after it started sinking.
      Bartering in the days to come will prove life saving. All that extra credit card bought junk in your garages will be worth it’s weight in gold/silver. I believe we will all need to buy gold but sense most of Americans can’t save with two jobs with both spouses we will need to gravitate towards silver blanks or old coins. Thats my 2Cents. LOL Pray also works great for some of us that believe. good day mate enjoy your way of living a little longer.

  • daveme

    all americans have to do is get off their big fat asses and start working again, stop buying cheap crap from china, make your own cheap crap and sell it to china like you used too, force them to pay you in usd, and your currency is safe. your manufacturing capacity is what made you a great nation to begin with…..but greed took over when your industrialists realized they can exploit cheap labour by moving there factories to china……fear not as specialized labour in china will become expensive too and as china develops they will hit the same scenario as you…..get to work america……..

  • omer

    @Frank

    Doing all that wouldn’t put a dent in the deficit. Even if you cut out all defense spending, the deficit would still run approximately 500 billion dollars a year. What you are proposing is slashing DoD by 15% or so and then a paltry amount of discretionary spending. It simply won’t work.

    We are talking about a scale of trillions of dollars here, not billions. It’s akin to paying 50 cents a month on a mortgage. The two scales are entirely incompatible.

  • McKinley Morganfield

    You class warfare enthusiasts need to wise up:

    http://iowahawk.typepad.com/iowahawk/2011/03/feed-your-family-on-10-billion-a-day.html

    Yes, big banks, hedge funds, corporations, unions, and other special interest groups are dragging down the country. No argument there. BUT, this tax the rich BS is naive. According to BHO the rich are those making > $250K. This targets the small and medium sized business people, the engine of job creation.

  • Harry Johnson

    Billions went to bailout banks and yet today the same clowns are still pulling down huge salaries for nothing. To fix this first: we need a wall street transactions tax. Then they could pay for their own bailout and it would discourage non productive gambling like high speed trading which adds nothing to the economy. Second, capital gains (and hedge fund managers income) should be taxed at the same rate as income people have worked for. The investors have not been creating jobs in the United States so their is no justification for giving them a lighter tax rate. Last, aa one hundred precent inheritance tax. People should work for what they receive. No one should have a free lunch because of who their grandma had sex with. These three changes would go a long way toward fixing our economic problem. That and putting a whole bunch of the wall street traders and mortgage brokers in jail for the fraud they pulled which has wrecked the economy.

  • Paul

    Get yourself a bunker.
    Protection against hurricanes, tornados and looters.
    But make it look like a corrugated iron hut.
    This will at least help the concrete and iron industry.

  • robertsgt40

    “On April 18th, Standard & Poor’s altered its outlook on U.S. government debt from “stable” to “negative” and warned that the U.S. could soon lose its prized AAA rating.”—Someone want to explain to me how S&P can change outlook from stable to negative and still have AAA rating? Oh, I forgot. That’s the same S&P that rated all the crap Wall Street was puting out as AAA. The same AAA that cratered the economy.

  • Jeff198524

    I like how a sizable portion of people who post here are religious nuts claiming that the end is near or bigots blaming minorities for America’s problems.

    • sfaid

      Jeff, where did you come up with this BS?

  • chiller

    If you have any doubt that the Federal Reserve is a traitorous, maniacal and devious bunch of treason guilty parasites, then visit this site and try, just try to convince yourself otherwise. This is nothing more than a history lesson complete with all the data spelling out the Feds methodical destruction of our nations finances. The people at the Fed MUST be stopped at any and all costs. They and all their employees, politicians and sponsors must be eliminated to stop the bleeding, once and for all.
    Think the value of the dollar went up during the period immediately following WWII when the USA was the ONLY economic power house left standing? Think the CPI went down because everyone needed our goods? WRONG! The FED saw to it we DID NOT prosper but instead took it all for themselves. See this site and see for yourselves….
    http://mykindred.com/cloud/TX/Documents/dollar/

  • Jeff198524

    The interest on the US debt only costs 13% of the Federal Budget. If the Government could get rid of tax loopholes, take a chainsaw to military spending and seriously reform social programs, America would actually have a good shot at survival.

    However, politicians that work for the common good, instead of against it, are needed first.

  • Nickelthrower

    Greetings,

    If I remember correctly, our biggest “issue” with the Soviet Union was the inherent Evil of a “Planned Economy”. We couldn’t be mad at them for lack of Democracy because they held elections. As a matter of fact, incumbents were reelected at a rate of about 70% as opposed to our 96% incumbent reelection rate in the U.S.A. Direct Democracy was a much bigger part of Soviet life than our Democracy that we are so proud of.

    No, the Evil that was the Soviet Union was the pure evil of a Planned Economy because an economy the rested in the hands of an elite few was susceptible to a complete meltdown should that elite few mess things up or attempt to hoard all the benefits.

    Who here can say that the Western Democracies are not now all Planned Economies? If this is true, and I very much believe it to be true, then our entire way of life is in danger. After all, I had it pounded into my head during the Cold War that the Soviet System was doomed to fail because no Planned Economy could ever survive and that a nation with a Planned Economy could only survive as long as it could wield the necessary force to keep its citizens in line.

    That is where we are today – Soviet Union 1989.

  • delightedinga

    It’s just a matter of time until the masses wake up and see they have no food, no money, no freedom and no say in their future. The will be as dispensable as a wad of spit. It’s always that way isn’t it. Only this time it’s for ALL the marbles.

  • delightedinga

    ALL the marbles.

  • Mark

    ***************** they don’t know that every 50 years their national debts are to be forgiven. Wiped clean. And every 7 years their personal debts are to be wiped clean. But, since our forefathers, and the modern day sheep, have had God’s enemies put over them, by God himself, because of our sin’s, and because we won’t awaken, then don’t complain. Repent,Get Baptized in the Name of Jesus Christ for the remission of sins, and then the Holy Spirit comes to help you understand these things. Also, do you know what sin is????? Sin is Transgression of God’s Law’s. So what is this teaching we hear that God’s Law’s have been done away??? I think there are wolves in sheep clothing…..and a very large number of them are pastor’s of judao christian churchs…WAKE UP AMERICA. There is a REMNANT that have oil in their lamps, if you know what I mean….

    • sfaid

      Nut case!

  • David Dunbar

    Welome to the Matrix..will you take the red or blue pill?

  • Dana W

    If the United Nations were concerned about the US dollar they would have not given Obama permission to invade Libya.

  • mondobeyondo

    Oh, we could try to get back into the game. We could try.

    We could sell 48 inch LCD TV’s to China for fifty dollars. Sure, they’ll buy them! Of course, our Americans on the production lines would be paid about $5.00 an hour.

    Sorry, that ship has sailed. We should have kept our manufacturing base when we still had it!!

    • sfaid

      Unions? Couldn’t most manufacturing jobs be done by a high school dropout?

  • Phil R

    Come live in Australia, our debt is only 2.5 billion and we should have that paid of in a few years. Yaaaaaay for the Aussies :)

  • Dr. Nancy Olthof

    How You Can Profit in Today’s Crisis —

    Watch This Free Video Now:

    http://www.theelevationgroup.net/capture.php?a_aid=160667&a_bid=e6b01db8&chan=y528

  • http://theeconomiccollapseblog.com/archives/when-faith-in-u-s-dollars-and-u-s-debt-is-dead-the-game-is-over-and-that-day-is-closer-than-you-may-think/comment-page-1# R K

    To Save America following must be done.
    For example:
    (1)End the wars. All wars are unnecessary. (2) Cut the Pentagon budget by $400 Billion a year, even then USA’s military budget will be the largest budget compared to the combined military budget of the rest of the world.(3) Bring all American military back to the USA. Close all the military bases around the world. (4) Increase the monthly Medicare Part B premium to $250 a month (now about $115); there are NO freebies in life. (5) Raise the amount of income that is Social Security taxable. (6) Go back to the 45% top marginal tax bracket. (7)Reduce the federal workforce by 20%, or more. (8) End the tax subsidies to highly profitable industries like oil. (9) End all foreign aid. (10) LET THERE BE REAL CAPITALISM, let all the big banks and useless industries be allowed to die.

    • sfaid

      RK, I think your real initials are RP and I support you!

  • chow

    If and when the USD collapse so will the rest of the world economy. Which country would take another fiat currency when the USD collapse? Are there sovereign currencies out there that are better? Will the IMF create another fiat and who will back it up? The US is still the largest consumer of foreign goods and still the largest food supplier in the world even after the USD collapses.

    The way I see it when the USD becomes unsustainable the USA will go bankrupt and will decline to pay debt. Either the debtor countries will declare war or stay on the side while the US restructure and issue government currency backed by gold and silver.

  • http://na ron

    The only thing keeping it all going is printing money and loans.If you just watch the actions and inaction of our government you would swear they want to destroy our country.And rebuild it in some commie kind of way.

  • http://www.thecactusland.com Robert

    The key point which is often overlooked is where does all this money to lend the government come from? Fact is, large chunks of it are just whipped up out of nothing by banks, and lent to the Treasury using big leverage…..why do we allow this game to go on? This article does a good job of explaining exactly how banks create money… http://www.thecactusland.com/2011/05/moral-hazard-of-modern-banking-how.html

  • vj9vr

    I agree. The roads don’t get paved – a paramedic doesn’t remove that tree from your gut before making you look over an invoice – my kids don’t get books newer than 1930’s book on the social studies status of the darkies

    I won’t pay taxes. No money no honey and vice versa.

    The middle class sure has a sore rump and you guys are talking about taking away from the middle? Cut the fat where its at -stop powdering our bones- the 1% is where you need to go.

    Americans are the most lethargic slothful people on the earth when it comes to effort and resistance of inequality (just hearing we are free enough makes them go oh ok…yippe im free).

    BUT there is a point when you take SO much people will wake up. THEN the liberty bell will dong once more. Using a pouch of tarred and feathered balls of any politician or ceo/droogs.

  • http://alexjones joop van de swaluw.

    Of course one can blame the banks for all the financial problems-but that wouldn’t be fair. Blame the idiots who can not manage their own funds- idiots who hand over their money to total strangers( the banks). Encourage your kids to read at an early age, and spend your money on their education. Teach them to be independent at an early age-be a parent and don’t act as a police man. My dearest friend was my father.

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