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5 Things That Will Happen To You When America Goes Bankrupt
Townhall.com ^ | April 12, 2011 | John Hawkins

Posted on 04/12/2011 9:10:41 AM PDT by Kaslin

"Madness is rare in individuals - but in groups, parties, nations, and ages it is the rule." -- Friedrich Nietzsche

Does it seem too strong to call the way America deals with its debt "madness?" If not madness, then what? Denial? An addiction? However you phrase it, we're a country that's in deep trouble, but so many of us seem unable to deal with it.

Liberals in this country, for the most part, will admit that we're running up "unsustainable" deficits. Yet, these same liberals adamantly oppose any and all serious efforts to do anything about it. Once you move out from liberals to the general public, once again you'll find plenty of people who admit that this nation has a huge problem. Yet, when you leave generalities, get down to specifics, and start looking for programs to cut, then suddenly everyone gets nervous and says, "never mind." It's like the old saying, "Everyone wants to go to heaven, but no one wants to die."

Sadly, this is a natural outgrowth of ladling out public funds to special interests. There is so much collective money that few people feel or appreciate it when even billions are saved. Yet, if we yank even a few million away from special interest groups like PBS, Planned Parenthood, or the unions, they squeal like pigs that are about to accidentally be put in the wolves’ pen at the zoo.

In the face of that, people have to realize that this country is on pace to go bankrupt -- and it could happen relatively soon if we don't start taking serious steps to control our spending. Mike Pence thinks we could just be ten to fifteen years away. Tom Coburn is less optimistic and thinks it could happen in as little as five years. If that happens, we're not a tiny country like Greece -- we're the biggest economy in the world. That means there's no cavalry coming to pay our bills for us because we ARE the cavalry.

What happens then? Well, we don't know for sure, but we can make some educated guesses about what COULD happen and how it will impact YOUR life.

1) Your life savings could be reduced to nothing almost overnight. Inflation is a fact of life. As Thomas Sowell has noted, "As of 1998, a $100 bill would not buy as much as a $20 bill would buy in the 1960's." That's under normal circumstances.

However, the thing governments have traditionally done when they simply can't pay their debts is print more money. The problem with this is the further you expand the money supply, the less the money you already have on hand is worth. This can wipe out the savings of a lifetime in a relatively short period. Imagine spending billions of dollars just to buy a loaf of bread. Sound far-fetched? Well, guess what? That has happened in the Weimar Republic, which was crushed under debts from WWI and decided to pay it off by printing more money. It could happen here, too, and all the money you've scrimped and saved could become worthless in a short order.

2) Your taxes will skyrocket. We've been conned into thinking that we can fund a massive government on the backs of the rich. This is simply not so. It's not working today and it's not going to happen in the future. We cannot tax the rich enough to pay off our debt or even enough to keep the government going long-term. Even if we could, the rich have the resources to flee the country for greener pastures if they're being taxed into oblivion. The middle class? Not so much.

What that means is the more desperate the government gets, the more the average American is going to be hammered with new taxes. How much more of your income can you afford to send overseas to pay China for the money they've loaned us to keep PBS, Planned Parenthood, and the National Endowment of the Arts going? What about if the country goes bankrupt and your income tax rate shoots up fifty percent? How are you going to pay your mortgage? How are you going to feed your kids? When the government runs out of cash and it can't borrow any more money, then it will start leveling massive taxes on the American people.

3) Your life could be in danger. If the government goes bankrupt, you'll have an extremely angry, confused, and frustrated populace that has little faith in its leaders -- combined with a horrific economy and a reduced ability of the government to keep order. Under those circumstances, widespread rioting and violent crime seem entirely plausible.

When Argentina had its crisis, violence went up 142% and "young men began looting supermarkets."

Here's some of what happened during the German hyperinflation of the currency in Weimar Republic after it started printing money night and day,

The flight from currency that had begun with the buying of diamonds, gold, country houses, and antiques now extended to minor and almost useless items -- bric-a-brac, soap, hairpins. The law-abiding country crumbled into petty thievery. Copper pipes and brass armatures weren't safe. Gasoline was siphoned from cars. People bought things they didn't need and used them to barter -- a pair of shoes for a shirt, some crockery for coffee. Berlin had a "witches' Sabbath" atmosphere. Prostitutes of both sexes roamed the streets. Cocaine was the fashionable drug.

4) Your payments from the government will dramatically decrease or stop altogether. Contrary to what some people believe, Medicare and Social Security are paid out of the same fund that pays for everything else. In other words, if the government goes bankrupt, there is no money set aside to pay for these programs. So, if you're receiving Social Security, Medicare, welfare, food stamps, or any other similar programs, those checks could stop or be slashed down to nothing. That seems unthinkable to people, but if the government doesn't have any money, then it can't pay it out to people. As they say, "You can't get blood out of a turnip."

5) You will have a dramatically reduced standard of living. If taxes and inflation escalate dramatically, both of which are very likely if we go bankrupt, economic activity will slow to a crawl and we'll go into a depression. We're not talking about a "This is the worst economy since the Depression" situation that we hear every time there's a mild downturn in the economy; we're talking about a REAL depression. Businesses will close left and right, the stock market will tank, unemployment will soar to heights not seen since the thirties, and the government won't be in a position to help very much.

If that happens in a country like America, where people have been so prosperous for so long, it's going to produce utter misery. It's not a lot of fun to be poor under the best of circumstances, but it's much worse to go from having a comfortable life with a bright future to growing vegetables to eat in the backyard and wondering how you're going to keep warm in the winter.


TOPICS: Business/Economy; Editorial; Government
KEYWORDS: alqaedaagenda; bankrupt; broke; cwii; debt; dncagenda; obamaagenda; obamaeconomy; reality; traitorsvsamerica; weimar
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1 posted on 04/12/2011 9:10:45 AM PDT by Kaslin
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To: Kaslin

Just exactly what the socialist in the white hut has had in mind all along.


2 posted on 04/12/2011 9:13:40 AM PDT by taillightchaser (The last hope for America--2012)
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To: taillightchaser

Also why the idiots on FR who advocate intentional government default have no idea what they’re talking about.


3 posted on 04/12/2011 9:16:20 AM PDT by RockinRight (Trump doesn't play stalking horse for anybody.)
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To: Kaslin

Obozo and his minions will be delighted!


4 posted on 04/12/2011 9:16:39 AM PDT by IbJensen (Grab your pitchforks!)
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To: Kaslin

Two words “Adolph Hitler”.


5 posted on 04/12/2011 9:17:24 AM PDT by US Navy Vet
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To: Kaslin

Well you forgot one thing to cite, they can print more money.


6 posted on 04/12/2011 9:18:49 AM PDT by Biggirl ("The Best Of Times, The Worse Of Times", Charles Dickens)
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To: Kaslin
A lot of people have stories of their grandparents, who went through the Great Depression, and then for the rest of their lives were always thrifty, always saved things that might be re-used later, never borrowed money. The Depression changed them, and the memory stayed with them.

I would hope that with the coming crash, people will realize the nature of government, and that the quickest way to lose a future election would be for a politician to say, "Here's what I will do for you ..."

What politicians ought to promise is, "I will preserve your rights, and make sure that no one messes with you, or your stuff." If people conclude that this is all government is good for, then perhaps the coming Crash will be worth it.

7 posted on 04/12/2011 9:18:56 AM PDT by ClearCase_guy
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To: Kaslin

RE: # 1

Inflation, this is the process by which your purchasing power is removed from you by the devaluation of the currency that you carry. Inflation has been deemed a Hidden Tax because the government uses inflation to continually fund their projects, while taking that money out of your pockets. You don’t even see it happening, Washington never sends you an additional tax bill, the money you have just doesn’t go as far as it used to.

“Why Socialists Love Inflation”
http://www.youtube.com/watch?v=-pGiMEcsnNc&feature=player_embedded


8 posted on 04/12/2011 9:19:03 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: taillightchaser

Yup...Little Stevie Dunham’s Dream Come True.


9 posted on 04/12/2011 9:19:29 AM PDT by Mortrey (Impeach President Soros)
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To: Kaslin

bump! Need to show this to the wife when I get home...


10 posted on 04/12/2011 9:20:10 AM PDT by pgkdan ( "Wherever the Catholic sun doth shine / There's always laughter and good red wine / ...Belloc)
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To: Kaslin

Two more words “Nazi America”.


11 posted on 04/12/2011 9:20:13 AM PDT by US Navy Vet
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To: Kaslin
It could very likely be much worse than anyone today can fathom especially if hyperinflation causes or happens as a result of our bankruptcy.....


12 posted on 04/12/2011 9:21:24 AM PDT by OB1kNOb (Solution to Libya's problem: They want a new Muslim leader, I say, give them ours...2 problm solved!)
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To: Kaslin
The real problem, and goal for the socialists, is to get various members of society feeding off of each other.

For example, my vegetable garden and chicken flock become "communal property" (To each according to his needs from each according to his abilities!).

Open warfare develops as those who planned ahead have to defend themselves and there property from those who didn't, but are egged on by the socialist leadership.

13 posted on 04/12/2011 9:23:02 AM PDT by Redleg Duke ("Madison, Wisconsin is 30 square miles surrounded by reality.", L. S. Dryfus)
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To: Kaslin

Also the start of the second American Revolution could very well begin.


14 posted on 04/12/2011 9:23:07 AM PDT by Biggirl ("The Best Of Times, The Worse Of Times", Charles Dickens)
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To: Kaslin

Cloward-Piven explained in a nutshell..


15 posted on 04/12/2011 9:23:30 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: Kaslin

In the not too distant future, I’ll need two wheel-barrows. One to haul the cash to pay off my debt and mortgage and the other to buy a loaf of bread.


16 posted on 04/12/2011 9:24:15 AM PDT by umgud
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To: taillightchaser

Just exactly what Soros told the socialist in the white hut to do.

I’m sure the monster is making billions by shorting the dollar.


17 posted on 04/12/2011 9:24:23 AM PDT by Aria ( "If we ever forget that we're one nation under God, then we will be a nation gone under.")
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To: Biggirl
Well you forgot one thing to cite, they can print more money.

That's addressed in point #1. Printing money is inflationary, unless it is done with respect to an economy that is expanding as quickly as the money supply is being increased.

18 posted on 04/12/2011 9:25:41 AM PDT by kevkrom ("Winning The Future" = WTF = What The F*** / "Kinetic Military Action" = KMA = Kiss My A**)
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To: US Navy Vet

The politicians should be scared of this scenario more than anyone else. It will be open season on them and no one will shed tears when they die.


19 posted on 04/12/2011 9:25:51 AM PDT by Sir Gawain
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To: umgud

Your mortgage shouldn’t be a problem. Let’s say you have a fixed rate mortgage and pay $1500 a month on it. Well, with hyperinflation and a few paltry cost of living adjustments, you might find yourself earning $1000/hr. Now, given the skyrocketing price of bread, you may have trouble buying food for your family (at a mere $1000/hr, you may not earn enough to buy food) — but that $1500 monthly mortgage payment? Pfffttthh! Not a problem.


20 posted on 04/12/2011 9:28:17 AM PDT by ClearCase_guy
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To: Kaslin
Americans can choose the path of "socialism" or "constitutionalism," as defined by America's Founding Principles, articulated in the Declaration of Independence and incorporated into the Constitution.

The choice is between what someone has described as a "socialist" budget versus what might be described as a "constitutional" budget.

The very concept which was described presents a novel new opportunity for reframing the deficit/debt/budget debate!!

The so-called "progressives" will own the Obama "socialist" budget he proposes and they approve.

Going forward, real "conservatives" (those citizens who are dedicated to preserving America's Founding principles), should distinguish themselves by advocating for a constitutional budget. Such a debate would place the focus on the Constitution's limits, and how those limits were put in place to preserve individual liberty.

Let the argument for liberty and against coercive rule by self-appointed political elites begin.

Sir Winston Churchill, upon leaving office as Prime Minister in 1945, described what he believed to be the state of his country at that time:

"I do not believe in the power of the State to plan and enforce. No matter how numerous are the committees they set up or the ever-growing hordes of officials they employ or the severity of the punishments they inflict or threaten, they can't approach the high level of internal economic production achieved under free enterprise. Personal initiative, competitive selection, and profit motive corrected by failure and the infinite processes of good housekeeping and personal ingenuity, these constitute the life of a free society. It is this vital creative impulse that I deeply fear the doctrines and policies of the socialist government has destroyed. Nothing that they can plan and order and rush around enforcing will take its place. They have broken the main spring and until we get a new one, the watch wil not go. Set the people free. Get out of the way and let them make the best of themselves. I am sure that this policy of equalizing misery and organizing society--instead of allowing diligence, self-interest and ingenuity to produce abundance--has only to be prolonged to kill this British Island stone dead."

America needs to rediscover the formula for a "benign" government, if it is to recover its greatness among the nations. That formula is contained in the Founders' Constitution, as written and interpreted by them. Let today's so-called conservative members of the "tea party movement" frame an argument for liberty and against a malignant government power which eats up "the People's" labor and liberty.

Nobody describes our current predicament better than Thomas Jefferson, who warned Americans:

"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39

If you agree, please pass this post on to your favorite "tea party" person.

21 posted on 04/12/2011 9:29:37 AM PDT by loveliberty2
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To: taillightchaser

Indeed


22 posted on 04/12/2011 9:29:53 AM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin

This is what the leftists want, they hope it brings communism


23 posted on 04/12/2011 9:33:14 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: US Navy Vet
Two words “Adolph Hitler”.

Cloward-Piven.....

24 posted on 04/12/2011 9:33:55 AM PDT by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: Kaslin
And the GOP fears even closing National Parks, cutting PBS and Planned Parenthood so much that they won't even insist on cuts that don't even come to 1%...that don't even equal a couple of days of new debt.

And we wonder why Trump is getting so much attention?

25 posted on 04/12/2011 9:34:31 AM PDT by Scott from the Left Coast
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To: Biggirl; loveliberty2

The problem is that it is not clear who would win such a battle.


26 posted on 04/12/2011 9:36:20 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: Thermalseeker

Two words Smith and Wesson


27 posted on 04/12/2011 9:37:37 AM PDT by al baby (Hi Mom!!! <sarc>)
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To: al baby

Target acquired


28 posted on 04/12/2011 9:38:53 AM PDT by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: GeronL

We will the ones that cling to our Bible and guns


29 posted on 04/12/2011 9:38:57 AM PDT by al baby (Hi Mom!!! <sarc>)
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To: ClearCase_guy
Your mortgage shouldn’t be a problem.

Don't think for a second that you'll get a "free house" out of this mess!

In 1923 Germany, most of the damage to owned real estate was caused by property taxes. The appraised values were raised mercilessly billions of times, causing people to abandon their homes and landlords to hand tenants the keys to their rented property. The increases and confiscations were tolerated because governments had to have something to pay police and firemen, who understandably refused to work without compensation.

30 posted on 04/12/2011 9:40:36 AM PDT by Zakeet (If Obama had half a brain, his butt would be lopsided)
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To: GeronL
The problem is that it is not clear who would win such a battle.

My guess is it will be the side with the 88 million gun owners.....

31 posted on 04/12/2011 9:40:39 AM PDT by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: Scott from the Left Coast
I've seen a lot of talk lately (because its the 150th anniversary) about Ft Sumter. Some folks say that the South need not have fired, and that secession might have gone more smoothly if no violence had been initiated. I take no position on that myself -- but the feeling is that firing on Ft Sumter was a tactical mistake.

Easy to say in hindsight.

Today, the GOP is faced with a tough choice -- hold on to political capital and just cut $38B here or there, or go for the big event (debt ceiling) and force the whole issue of runaway government spending to be faced head-on.

I suppose risking a crash might be a tactical mistake and might be like firing on Ft Sumter. But I sure don't see how we get free from tyranny by cutting $38B here or there.

32 posted on 04/12/2011 9:41:05 AM PDT by ClearCase_guy
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To: Biggirl

33 posted on 04/12/2011 9:42:54 AM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: All

Given the looming/ongoing precipitous drop in the value of the dollar, I’m strongly considering cashing in a large portion of my investments and paying off my mortgage.

I’m not sure if trading paper for real estate is even wise given what we are facing.

Thoughts?


34 posted on 04/12/2011 9:43:12 AM PDT by EyeGuy (Gimme Shelter)
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To: Kaslin

****4) Your payments from the government will dramatically decrease or stop altogether.****

I have this strange feeling I will see my worthless brother-in-law (If you know him he probably owes you money) show up on my porch.
He has been on the government dole since 1980.


35 posted on 04/12/2011 9:43:18 AM PDT by Ruy Dias de Bivar (Click my name. See my home page, if you dare!)
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To: Kaslin

A country’s bankruptcy can also be solved in blood. Eliminate the politicians, bureaucrats and bankers stealing the wealth and stop the thieves from receiving it. America will look like Detroit unless the thievery is stopped.

Right now we’re trying to remove the thieves via the ballot box, but time is short.

The one advantage we have is that we’re not Weimer Germany due to the vast amount of resources we sit on.


36 posted on 04/12/2011 9:44:35 AM PDT by sergeantdave (The democrat party is a seditious organization and must be outlawed)
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To: umgud
I’ll need two wheel-barrows. One to haul the cash to pay off my debt and mortgage and the other to buy a loaf of bread.

The "good" news, if you can call it "good" is your debt won't increase, i.e. already existing debt like your mortgage. If you have a fixed rate, it shouldn't be affected, you can pay for it in deflated dollars and the bank has to accept those deflated dollars in payment.

Of course because of hyperinflation on other things, you'll have less cash on hand to pay your mortgage.

37 posted on 04/12/2011 9:44:54 AM PDT by dawn53
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To: ClearCase_guy
But I sure don't see how we get free from tyranny by cutting $38B here or there.

It's becoming clear this morning as folks have had a chance to analyze the agreement that the real "cut" is closer to $2 billion than $38 billion. A lot of the "cuts" that are counted have appeared in previous CR's and have already been counted, $22 billion roughly of the $38 billion. The rest of the non-cuts are baseline budgeting gimmicks.

38 posted on 04/12/2011 9:45:25 AM PDT by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: Kaslin
I believe that the only salvation is for the republicans to refuse to raise the debt ceiling and force the Fed and everyone else into living within their means. There is no other path since the dims are never going to give up and the republicans lack a will to fight it out as required.

LLS

39 posted on 04/12/2011 9:45:41 AM PDT by LibLieSlayer (WOLVERINES!!!)
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To: Biggirl

I’d argue it will be a civil war, left vs. right, as opposed to overturning our system, the US Constitution.


40 posted on 04/12/2011 9:46:10 AM PDT by east1234 (Cut, Kill, Dig and Drill!)
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To: Kaslin

If in 1965, I bought goods or services for $20 then in 2011, the same goods or services would cost $140.


41 posted on 04/12/2011 9:46:47 AM PDT by Obadiah (I don't mind Obama's vacations. It's his coming back that bothers me.)
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To: US Navy Vet
Two more words “Nazi America”.

With the whites being the new "jews"

42 posted on 04/12/2011 9:47:29 AM PDT by clamper1797 (Pray for Obama ... Psalms 109:8)
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To: Sir Gawain

I don’t seem to read anywhere where the Politicains in the 1920s-1930s German Weimer Republic being held to account for that screw-up? Someone correct me if I am wrong.


43 posted on 04/12/2011 9:47:47 AM PDT by US Navy Vet
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To: EyeGuy

If you have enough acreage for a sizable garden and maybe enough to support some livestock, and, it’s defensible from threats, it would probably make sense. I really think we’re going to look back in a couple of years and fondly reminisce about the great economy of 2011. The politicians can’t keep up the charade forever. It’s really starting to come apart now....


44 posted on 04/12/2011 9:48:19 AM PDT by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: GeronL
The problem is that it is not clear who would win such a battle.

True. But the real problem that precedes that is, will anyone even be willing to fight for the Republic?

Very few are willing to sacrifice *anything* now to stop the madness. What number will be willing to place their lives on the line?

Surely some will fight when they come for us. By then it will be too late.

45 posted on 04/12/2011 9:48:58 AM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: LibLieSlayer
I tend to talk now about the Second Republic of the United States. In my opinion, the First Republic has failed and is slowly and inevitably collapsing around us. There will be a war. There will be an eventual rebuilding.

The Second Republic of the United States may be better than what we have now. It may be worse. But I think it's coming, and I don't think we can avoid it.

46 posted on 04/12/2011 9:49:01 AM PDT by ClearCase_guy
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To: ClearCase_guy
Me neither.

And I do not yet see how a GOP that is too fearful of negative press to cut $100 billion will have the courage to force it all to stop by saying no raising the debt ceiling. It is so obvious to see that our government is a heroin junky. It will either be death or cold turkey intervention. If the GOP has the guts for cold turkey, I (and millions of others) will be eternally grateful to them. The RATS want death...because after death they believe they will have complete, open dictatorial rule, with them as the dictators.

But nothing I have seen from the GOP, ever, gives me the confidence to believe that they will force cold turkey.

47 posted on 04/12/2011 9:50:37 AM PDT by Scott from the Left Coast
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To: ClearCase_guy

Everyone should check their mortgage contracts now to look for the words “US Dollars”.

If it says “US Dollars or equivalent”, you need to try to get that changed.
Any new mortgages you get, you should INSIST on “US Dollars” only in the wording.

Otherwise, they can require you to pay it off in “reset” money.


48 posted on 04/12/2011 9:53:28 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Thermalseeker

“I really think we’re going to look back in a couple of years and fondly reminisce about the great economy of 2011.”

I think about this everytime we have a birthday for one of the kids, at Christmas, Easter, large family get-togethers, etc...

We have prepared for the worst.

But I can’t shake the sinking feeling that these days may be the best the kids will have for the foreseeable future.


49 posted on 04/12/2011 9:53:59 AM PDT by ConservativeWarrior (In last year's nests, there are no birds this year.)
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To: Zakeet

Ah, but they “got the guns” first then.
They don’t have the time or the will to do that here today.


50 posted on 04/12/2011 9:54:48 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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