Has our exploding national debt become an economic weapon of mass destruction in the hands of the Russians and the Chinese? Have increasing tensions between East and West put us on the verge of an economic war with those two superpowers? Those who are convinced that the Russians and Chinese would never work together to collapse the U.S. economy should really consider what former U.S. Treasury Secretary Henry Paulson is saying in his new book. Paulson’s new book is entitled “On The Brink“, and in it he claims that the Russians contacted the Chinese in 2008 and proposed that both nations dump their Fannie Mae and Freddie Mac bonds at the same time in a bid to force a bailout of the largest U.S. mortgage-finance companies by the U.S. government. Fortunately, China declined to go along with Russia’s proposal at the time, but this revelation just underscores the economic danger that the United States has gotten itself into. (Read More...)
Will This Generation Of Young Americans Be Able To Make It In Hard Times?
Our recent article entitled “A Record Number Of Young Americans Are Unemployed – Are They Just Lazy Or Are There Simply No Jobs Available?” has generated some absolutely outstanding comments. We have held back on publishing the best of those comments until now because we wanted to feature them all in one place. The truth is that this economic downturn is having a disproportionate impact on young Americans. So why is this? Well, that is what we want to explore. In today’s economic climate, it can be very difficult to get that first job. In fact, in some areas of the U.S. today it is close to impossible to get a great job even if you have tons of experience. But there are some young Americans who are making it out there and who are doing very well despite what the economy is doing. (Read More...)
Quotes About The Federal Reserve And Central Banking
Our last post, “It Is Now Mathematically Impossible To Pay Off The U.S. National Debt“, has created a ton of controversy and has generated over 100 comments so far. Much of the discussion has been about the role of the Federal Reserve and how they create money and debt. The truth is that the Federal Reserve system is a very complex subject that is very difficult to get a handle on. One thing that the Federal Reserve is NOT is a government agency. In fact, it is about as “federal” as Federal Express. It is a private central bank designed to make money for the people who created it. In fact, the Federal Reserve was the culmination of an effort by the international banking elite to force a permanent private central bank on the American people that began all the way back during the days of our Founding Fathers. (Read More...)
It Is Now Mathematically Impossible To Pay Off The U.S. National Debt
A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don’t realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt. You see, the truth is that the U.S. government now owes more dollars than actually exist. If the U.S. government went out today and took every single penny from every single American bank, business and taxpayer, they still would not be able to pay off the national debt. And if they did that, obviously American society would stop functioning because nobody would have any money to buy or sell anything. (Read More...)
OOPS! – U.S. Government Unemployment Numbers Have To Be Revised Because They Were Off By Almost One MILLION!
What a mess! We all knew that U.S. government unemployment numbers were off, but this is ridiculous. It is now being reported that the U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on February 5th. How in the world could the original figures be so far off? The truth is that U.S. government figures have been getting more and more out of touch with reality each year. Government bureaucrats have been monkeying with the “definitions” of unemployment and inflation for decades, and at this point the figures they give us mean little to nothing. For example, the U.S. government has been telling us that the unemployment rate in the U.S. is somewhere around 10 percent, while everyone knows that the “real” number is somewhere in the neighborhood of 20-22 percent. (Read More...)
The 2010 World Economic Forum In Davos, Switzerland – Is Our Economic Future Being Determined By A Bunch Of Elitists On The Other Side Of The World?
If you went out on the streets and asked average Americans what the “World Economic Forum” is, how many of them do you think would be able to tell you what it is? Not very many. But it is one of the most important international economic organizations in the world. It is a non-profit foundation that holds a meeting for world power brokers and key executives from 1,000 of the world’s most powerful companies every year for five days in Davos, Switzerland. You can kind of think of it as a much larger and much more public Bilderberg Group. The meetings this year were held from January 27th to January 31st, and there was such little coverage in the American media that you would think that the meetings were of little importance. (Read More...)
The Endless Debt Spiral: Barack Obama Proposes A 3.83 Trillion Dollar Budget For 2011
What would happen to your household if it spent $9,000 every single month but only brought in $6,000 every single month? Well, you would quickly accumulate a massive amount of debt that you would very soon not even be able to pay the interest on. You would probably have to end up declaring bankruptcy. So if it is not okay for your household to spend like this, then why is it okay for the U.S. government to do it? On Monday, Barack Obama unveiled his proposed budget for 2011. It calls for 3.83 trillion dollars in spending, and it projects a deficit of 1.3 trillion dollars. In other words, one out of every three dollars that the U.S. government would spend under Obama’s proposed budget would be borrowed. (Read More...)
The U.S. Senate Votes To Pile 1.9 Trillion Dollars More Debt On To Our Children And Grandchildren
On Thursday, the U.S. Senate voted to raise the U.S. government debt cap by another 1.9 trillion dollars. This is another 1.9 trillion dollars that our children and grandchildren will have to pay interest on for the rest of their lives. The U.S. national debt is rising at a rate that is so reckless and so catastrophic that it threatens to destroy the entire U.S. economy. It is now becoming apparent that we have created a financial hole that is probably mathematically impossible to get out of under the current system. Average Americans are becoming increasingly angry at the U.S. government for getting us all into this colossal financial mess. In fact, one very strongly-worded letter to Barack Obama from a 95 year old World War 2 veteran is causing quite a stir all over the Internet. More people than ever are waking up and are realizing the the United States is headed in the wrong direction and has been for a long time. (Read More...)