(The curse of the Monster happens to be witnessing the future unfold and writing about it months before anybody else is broaching the subject; take the Bush Tax Cuts post in September, 2010, for instance. A small excerpt from the post that explains the trap we are caught in when it comes to the central banking mafia in this country follows this article.)
Everybody please give Ben Bernanke and those 1913 Progressives a round of applause...
$4 Billion DAILY REASONS to permanently fire the Federal Reserve System Mafia and cut up the credit card they issued to the legislative branch of the federal government back in 1913.
Last year’s interest tab on the debt? $396 BILLION.
This year’s tab? $1.46 TRILLION.
Got beans? Got rice?
Actual Unemployed: 25,695,54
That's $55 TRILLION
Are you yet ready to fire the Federal Reserve and put our money back on sound footing? How about making the banks show those trillions in bad assets on their books, force them into receivership, and put a floor under the housing market?
When do the bankers’ arrests start again?
A little history lesson for those newbies amongst us. If you have not read the article below, I urge you to take the time to peruse the charts of the interest on the debt that we pay to the Federal Reserve and the history of the central banking schemes in this country.
A current recap. Chairman Zero wants to keep the tax cuts in place for couples making less then $250k and individuals making less than $200k. Princess Pelosi believes that ‘they’ must extend the “Obama Middle Class Tax Cuts” for just the middle class, and 31 of her not-so-loyal soldiers have gone off the reservation when considering such a move. Just a few days ago, the Queen of the Swamp stated “But I see no justification for going into debt to a foreign country to underwrite and subsidize tax cuts for the wealthiest people in America.” Technically, Nancy has a point, BUT what about the $110 MILLION that went to create 55 California jobs…it’s okay to underwrite and subsidize corruption and all the rest of the silly spending these teenagers have approved? Also, according to National Review Online, a tax increase for the upper 2% of Americans would bring in a whopping $34 Billion next year; enough to cover 9 days of deficit spending. In addition, John Boehner had a ‘moment’ on a recent Sunday news show stating that he would vote for the partial tax extension if forced to, but has since backtracked. We also have had the media arguing very vocally for about two weeks about whether or not the super rich should be getting the tax extension like everybody else. Every single time you look at print or television, you hear about the Bush tax cuts expiring at the end of the year or see a countdown clock for the ‘greatest tax hike in history’ on television. Chairman Zero is even stating during speaking engagements that “giving” a tax cut extension to millionaires and above would create $700 Billion in more debt over ten years.
Let’s keep beating the ‘debt’ drum, shall we? We KNOW we are in trouble, but who exactly is responsible for the debt and the deficits?
Ready to bust out of the chute moos? Ready to understand on the most basic level why we have $13.4 TRILLION in national debt and $110.4 TRILLION in unfunded liabilities? (September, 2010)
So is there anything that we could do to actually start fixing things?
Yes, but the solutions are radical. They would cause quite a bit of chaos. They would not be easy for people to accept.
But the truth is that our economy and our financial system have terminal cancer. If something radical is not done quickly we are going to lose the patient.
The following are 16 ideas that Barack Obama could have proposed if he actually wanted to fix the economy….
Virginia is stepping up yet again as the first state to take up an vital issue. First it was the constitutionality of the mandate inside Obamacare, and now they are studying an alternative currency system for Virginia in the likelihood the Federal Reserve crashes. This concept can’t happen fast enough in every single state in the republic. Let your state legislators know that you expect them to take up the issue of some type of replacement currency for Federal Reserve Notes. We average Americans should not be the only ones prepared for the currency collapse and ensuing chaos that will surely follow. States must have a plan in place for the day when the piper must be paid.
If you want to understand the math of the never-ending debt cycle, check out The Economic Collapse’s piece that follows ZeroHedge’s story below. I suggest you read it in it’s entirety, and then pass it along to your email lists. This is the master wealth redistribution plan at it’s worst.
In what may one day be heralded as the formal proposal that proverbially started it all, the Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to “to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System.” In other words, Virginia will study the fallback plan of a “timely adoption of an alternative sound currency that the Commonwealth’s government and citizens may employ without delay in the event of the destruction of the Federal Reserve System’s currency” and avoid or “at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System.” Most importantly as pertain to the currency in question, “Americans may employ whatever currency they choose to stipulate as the medium for payment of their private debts, including gold or silver, or both, to the exclusion of a currency not redeemable in gold or silver that Congress may have designated ‘legal tender’.” Whether this resolution will ever get off the ground, and actually find that the world is at great risk should gold not be instituted as a backstop currency, is irrelevant. The mere fact that it is out there, should provide sufficient impetus to other states to consider the ultimate Plan B.
For those that haven’t seen Gerald’s interview a few days ago, here is an interview that covers the ‘Greatest Depression’ that is headed our way since the ponzi scheme of fiat currency and debt is about to implode. He also covers how cyber-wars are going to increase because of the shrinking money pool, how being a ‘cyber-sleuth’ is a career path that will flourish, and how governments will begin cracking down on the internet.
For those newly awakened Americans looking for the math necessary to understand the 360% of GDP debt we are carrying, start reading the Economic Collapse, and MarketTicker.
What does a person or organization pay on money that has been borrowed from someone else?
Answer: Interest.
In the past when our government needed money, they took out loans from other governments to help them pay for wars, but there was a limit to the amounts they could borrow and spend.
Then along came The Federal Reserve Mafia System that created a National Credit Card for our wayward Congress. Would you like to see the INTEREST ON THE FEDERAL DEBT because of the linked banking cartel and congressional traitors who use the IRS as their mafia enforcers?
Time to catch up on the simple facts:
A central bank allows the government to run on a credit card.
The legislative branch continues to raise the ‘debt ceiling’ on that credit card.
The estimated interest on our debt for 2010 was $396 Billion.
Empires collapse when servicing the debt eats up all government tax revenues.
Guess how close we are right now?
Professor Niall Ferguson, 9.18.2010, Empires On The Edge of Chaos, speaking about the history of empires that collapsed when their interest payments exceeded their revenues. The entire speech follows.
The answers can be found in the red and yellow bars above, representing Federal government spending and state and local government spending. Federal spending rose by $700 billion, and state and local government spending rose by $300 billion. (With the state and local spending being funded by Federal government transfers that have been netted out, so it is really almost all growth in Federal spending.) The private economy plummeted by $1.3 trillion while the government economy soared by $1 trillion, and we were left with what looks like a much more manageable $300 billion shrinkage, the kind of economic change that might be associated with a 9.8% official unemployment rate. In other words, a little over 75% of the collapse in the private economy was (and is) being covered by increased government spending.– Hiding A Depression, How The US Government Does It
Want to tell me how that economic recovery is working out? Does it feel like the US and the rest of the world are recovering or does it feel like we are in a slow motion slide across some damn slippery ice? Not quite breaking through the ice and plunging into the abyss yet not coming to a full stop, and stuck watching your future and your childrens’ futures flash before your eyes? Does it feel like you are treading water and slowly but surely getting more and more tired while waiting for somebody, anybody, to throw a life preserver of some sort? Have you spent the last few years hunkering down, holding onto what little cash you have, and waiting for this economic winter to pass? Starting to think it isn’t going to?
Want to know why?
There appears to be a $1.3 trillion dollar hole in our economy that our government and the Federal Reserve mafia are papering over with trillions of dollars of fiat electronic money in hopes that we don’t fall into the black hole of economic collapse. Is Anybody Surprised as we watch the entire fiat monetary/government spending ponzi scheme unwind right before our eyes? It’s happening and on some level, you know it.
If one adds together three separate forms of gauging unemployment, we come up with about 30%, and when one adds in the $1.3 trillion dollar shrinkage of the private sector – well, you should know what that means…we’ve been talking about it here (and planning for it) for well over a year; the ‘D’ word.
Let me remind everyone that in the world of economics a 10% economic contraction is the formal definition of economic Depression; ergo, we have been in one for the last two years and are today! – Karl Denninger, MarketTicker,Bernanke Is Getting Scared….,4.27.2010
The real US unemployment rate is not 9.8% but between 25% and 30%. That is a depression level of job losses – so why doesn’t it look like a depression for many people? How can so large of a statistical discrepancy exist, and how is it that holiday shopping malls are so crowded in a depression?
The true devastation is hidden by essentially placing the job losses inside three different “boxes”: the official unemployment box, the true full unemployment box, and most importantly, the staggering and persistent private sector job loss box that has been temporarily covered over by a fantastic level of governmental deficit spending. The “recovering and out of the recession” cover story is only plausible when nobody connects the dots and adds all the boxes together.
We will add together the three boxes herein – using US government statistics for all three – and convincingly show that the US economy is in far worse condition than what is presented by the government or by the mainstream media. No, we have not emerged from “recession” and there will be no “double dip” – because the first “dip” was straight down to a depression-level economy in 2008/2009, and we haven’t come back up.
Creating artificial “free money” on a massive scale that artificially boosts short-term employment is how you segment depression level unemployment into the separate boxes and hide what is really happening. It is this radical strategy that most distinguishes the current downturn from the 1970s and 1930s. The ultimate source of most of the current “free money” that hides the depression is the government risking the impoverishment of US savers and investors for potentially decades to come, with the worst of the damage concentrated on retirees and Boomers.
To have a chance of defending your hoped-for future lifestyle, there is simply no substitute for seeing the truth clearly. For it is only when we see through the lies with clarity that we can distinguish the false opportunity of manipulated markets from the real opportunities that can be found in unexpected places.
:snip:
The Third Box: Artificial Employment
What happens if we add the real, full U6 unemployment rate of 17% to the hole in the private economy that is currently being covered by the government’s spending money it doesn’t have? The simplest approach is to say that 9% of the US economy is manufactured money that’s funding government deficits, and if we didn’t create artificial money to fund artificial jobs, then that 9% of the economy implodes. If 9% of the economy abruptly disappears, there goes 9% of the jobs as well, so the unemployment rate would immediately jump by another 9%. There are a staggering number of simplifications involved in this approach, but it’s not a bad approximation for illustration and discussion purposes within a short article.
Add 17% and 9%, from two different US government sources, and we have 26% real unemployment right there. That is, if the Federal Reserve were not manufacturing money out of the nothingness to fund government spending without limits – at grave peril to all savers and investors – then it would be fair to say that the US would be at a 26% unemployment rate. This is slightly higher than the peak 25% unemployment rate in 1933, during the worst part of the US Great Depression.
Unfortunately, it is likely worse than even that. There is a multiplier effect when it comes to employment, and if we drop 9% of the economy, the support jobs that are created to serve the people who make up that 9% go away as well. We also need to allow for more government manipulation of inflation statistics, which creates a little greater economic loss picture, and in total, arguably, if we look at the real private sector right now, and we set aside jobs funded by monetization, we’re at a real unemployment rate of over 30%. And if we were to end the deficits and the assault on the value of the US dollar, and the US government only spends what it could take in – we would be at that 30%+ level almost instantaneously.
Now, hit this link and read the entire story as it affects everyone, especially the elderly and the boomers.
If you don’t believe it, read this from MarketTicker:
To The Incoming Senators and Congresspeople: YOU ARE ON NOTICE.
No mewling about the National Debt and deficit. The below charts cannot be argued with. They are what they are.
No promises to “do something about it tomorrow.”We’ve heard about that now for three years. The time for political stunts and showmanship is over. This is a real issue, it is a real national crisis, and if you don’t do something about it you’ll be lucky to get through 2011 before it blows up.
YOU WILL NOT GET THROUGH 2012. I know what you’re thinking already. Remember that George W. Bush thought the same thing in 2007 and early 2008. So did Bernanke. So did Paulson. They were wrong.
If you do not act on this, it will detonate before the elections next year.
Not might.
Will.
This is the truth through 12/31/2010. We closed the year at $1.714 trillion dollars in deficits for the year. That’s a record, more than $100 billion higher than the $1.612 trillion last year.
The deficit for the last calendar year was 11.64% of GDP. This is right up there with the nations that have blown up – Iceland, Greece and Ireland – and this is the third year running you’ve put up numbers over 10% (10.23, 11.41 and now 11.64, respectively.)
You will not get away with this into the indefinite future. You may think you can get away with it for two more years, but I assure you – that is not going to happen.
Further, the true GDP rate for the last 12 months is in fact -7.31%. We now have a cumulative decline in GDP built into the economy of approximately 30% that must be absorbed. If you attempt to continue this path much further, it won’t be a decline that we will be dealing with, it will be an all-on collapse.
I know 30% sounds outrageously large – and beyond the nation’s ability to absorb. It cannot be absorbed without severe pain. But if we do not take that pain, force the bad debt into the open that is causing this and clear it – irrespective of whether we want to or not, the result will be political and economic collapse.
This is as certain as night follows day, and day follows night. It is as certain as January 1st follows December 31st.
My Christmas came earlier this month when Ron Paul was named chair of the House Subcommittee on Domestic Monetary Policy, which has as one of it’s duties, overseeing the Federal Reserve. We may just see the end of the banking mafia yet.
The judge’s ‘Plain Truth’ about how the Fed has stolen our wealth:
Moody’s warned Monday that it could move a step closer to cutting the U.S. Aaa rating if President Obama’s tax and unemployment benefit package becomes law.
The plan agreed to by President Obama and Republican leaders last week could push up debt levels, increasing the likelihood of a negative outlook on the United States rating in the coming two years, the ratings agency said.
A negative outlook, if adopted, would make a rating cut more likely over the following 12-to-18 months.
For the United States, a loss of the top Aaa rating, reduce the appeal of U.S. Treasuries, which currently rank as among the world’s safest investments.
“From a credit perspective, the negative effects on government finance are likely to outweigh the positive effects of higher economic growth,” Moody’s analyst Steven Hess said in a report sent late on Sunday.
After Obama announced his plan, Treasury prices fell sharply in volatile trade last week and yields have hit a six-month high, in part due to concerns over the effect the package will have on government debt levels.
If the bill becomes law, it will “adversely affect the federal government budget deficit and debt level,” Moody’s said.
Ben Bernanke and the Fed’s chickens are coming home to roost and guess who is going to be paying the price? Not them…
Got Rice, Beans, Tobacco, Ammo, Guns, Gold, and Silver yet?
Those are some very comforting words aren’t they? I think I mentioned sometime last week that QE2 was a ‘Hail Mary’ pass by the Fed. Looks like the American people were right again.
‘Better to try QE2 and fail then not trying anything at all’
Maybe dismantling the Federal Reserve Mafia and their extortion arm, the IRS might actually be a better idea for getting the economy moving. The ponzi scheme of selling bonds to pay off bonds is getting very old, and whether the economy gets a hard knock from changing the system back to a stable backed currency or the Fed crashes the economy from all their electronic fiat money, the change is coming.
Here it comes; an added 6.5% ‘consumption’ sales taxes on top of the income tax to feed the government’s credit card furnished by the Federal Reserve. Americans were not stupid enough to believe Chairman Zero’s debt commission was going to do anything resembling the tenets of the Constitution and cut federal overreach and spending; just add more taxes to the already over-burdened corporate owned moos.
I am sure we will be hearing more about this in the next few days.
And now some wisdom from Ron Paul about the ineptitude of the Federal Reserve, and why we should abolish the banking mafia and the IRS.
