Bye Bye Money!
Did we or DID WE NOT discuss this some months ago?
December 11, 2009: Here Comes The VAT Tax
March 21, 2010: Charles Krauthammer On Passage Of Obamacare; National Sales Tax
March 23, 2010: Charles Krauthammer, 3.23.2010: Obamacare And The VAT
Paul Volker is expecting a European VAT and a Carbon Tax to be put in place on top of the current income tax structure to pay for all the government’s spending for decades past. No BIG FREAKIN’ surprise there. I and many other Tea Party Patriots are going to be screaming “DON’T YOU DARE!” after months of telling these bozos to ‘STOP SPENDING MONEY!” The only question now is do we have enough time to stop this congress and neuter this pResident?
(Reuters) – The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.
Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax “was not as toxic an idea” as it has been in the past and also said a carbon or other energy-related tax may become necessary.
Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. “If at the end of the day we need to raise taxes, we should raise taxes,” he said.
If you have not yet read this piece from Stewart Dougherty; better get on that right NOW! What follows is just the smallest tidbit to get you motivated to understand the math behind what is occurring with the siphoning of trillions of dollars in wealth away from Americans.
Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.
One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.
Yesterday I read that Bambi’s economic advisory board was “finally” going to hold their first meeting since being appointed early in February, 2009. Since the economy has been issue #1 for well over a year, one would think that this “board” would have been going strong by the end of February, and one would think that the treasury spots would have been filled by now. One would be wrong though, because rebuilding the economy is NOT job #1; completely breaking it down and draining every last penny from the American Taxpayer through nationalization of any and all income producing business, and forcing every average American into the yoke of slavery to Federal Government dependence is JOB #1. We are already slaves to the national income tax and work 5 full months just to pay for our indentured servitude. I have been saying for months that Barack Obama will turn on his handlers who are seeking a global government just so he can install himself as the first American Dictator of the Obamanation, and I am watching it all unfold.
Paul Volker assisted with creating this mess alongside the depression expert, Ben Bernanke and the international currency expert, TurboTax Timmie Geithner, among others. All three of these traitors are Federal Reserve soldiers to the Pilgrims. If Volker has a “come to jesus” moment, he will have to go off the reservation to have anyone listen to him as he has been absorbed by the Borg Collective.
Obama’s quiet advisory board holds first meeting
WASHINGTON — The prime office space in the southeast corner of the Treasury building sits vacant four months into the Obama administration. Its ample desk is empty, the walls are bare. Occupants from nearby offices occasionally gather there when in need of a conference table, but otherwise, it’s a den of inactivity.
The assigned occupant? Paul Volcker, the towering former chairman of the Federal Reserve and now chairman of President Barack Obama’s Economic Recovery Advisory Board. Like Volcker, the 16-member advisory board, announced with fanfare by Obama in February, has been largely out of public view despite the administration’s frenetic attention to the economy.
On Wednesday, its members will make their first public, joint appearance since they gathered at the White House on Feb. 6. The focus of the board’s presentation is expected to be energy and jobs.
Poor Paul Volker, Bambi’s Economic Advisory Board Chairman thought that he had been hired because of his ideas and experience. Little did he know that he was hired because once inside the Obamanation, he cannot ridicule or critique the usurper or his policies. I am still amazed at how stupid people become when they start drinking the koolaid.
Volcker Struggles for Respect on President’s Economic Board
Former Federal Reserve Chairman Paul Volcker is reportedly unsure of the president’s economic recovery advisory board’s influence and unhappy at having to defer to other members of Obama’s economic team.
Former Federal Reserve Chairman Paul Volcker can’t get enough respect.
As he convened the first meeting of the president’s economic recovery board with the president himself in attendance, the Washington Post offered a front page story alleging Volcker is unsure of the panel’s influence and unhappy at having to defer to other members of Obama’s economic team.
After the meeting, one of the president’s advisors cut short a question and answer session before Volcker could offer the concluding statement he’d planned. The slight was unintended and Volcker had already spoken and answered questions. But it seemed to illustrate one of the problems of the president’s high powered “team of rivals.”
Volcker was a prominent advisor during Obama’s campaign and months before the board was actually created then President-Elect Obama announced Volcker would chair it. The 81-year-old Volcker is praised for helping tame inflation in the late 1970’s and early 1980’s, and President Obama chose him to lead the advisory group in part to reassure the financial community that he’d be getting advice from someone who is respected by Republicans and Democrats. Volcker was appointed to the Fed by President Jimmy Carter, in 1979, and reappointed by President Ronald Reagan in 1983.
Volcker is said to resent having to defer to Treasury Secretary Timothy Geithner and Larry Summers, the head of the National Economic Council, on how to best overhaul the financial system.
In addition, Christina Romer, the head of the Council of Economic Advisors and Austan Goulsbee, a member of the council, have a more public role, than Volcker, in promoting the administration’s economic policies. Other reports say Geithner and Summers are rivals themselves, with Summers choosing a cramped office in the West Wing, in part because it gives him better access to the Oval Office.
White House officials say Volcker’s advisory group, which includes CEOs, labor officials and prominent economists, was created to offer an “outside the beltway perspective” on how to deal with the financial crisis.
Volcker told the Wall Street Journal last month organizing it has “been a nightmare.” Goolsbee, who is also staff director of Volcker’s advisory board, says the group had a rough start, but is now very influential.
Stay tuned for an upcoming post on the banks that are needing capital because of the commercial real estate bubble that is about to pop, and the coming change in America’s Triple A status.