Skip to comments.Are You Prepared For Whatís Coming?
Posted on 11/16/2011 1:18:45 PM PST by blam
Are You Prepared For Whats Coming?
Stock-Markets / Financial Markets 2011
Nov 16, 2011 - 05:35 AM
Michael A Burnham writes: The US$ is the world reserve currency and a huge amount of it is used in international commerce and held in foreign banks. What is the real value of the US$ or any currency for that matter? Money is no longer backed by gold or anything other than good faith, thus coined fiat currency". Whenever the US Treasury runs short of money, it auctions Treasury notes
But since there are fewer interested buyers in the world today, it then borrows dollars, printed out of thin air, from the Federal Reserve, a privately owned banking consortium, in exchange for Treasury notes. Every dollar issued represents an instrument of debt. In your wallet, you will find a Federal Reserve Note and its value is quantified by what it can buy.
A vibrant economy, fueled by easy credit, causes an illusion of wealth. But when the economy contracts, less tax revenue is realized causing our government to borrow to make up the difference.
In addition, it spends more borrowed money hoping to re-stimulate growth. In practice, this debt is not paid down, exacerbating the debt load which becomes a curse enslaving successive generations.
Our debt has been building for decades and has grown massive in size. This disproportionate obligation is carried on the back of the golden goose, the productive middle class. In essence, this excessively burdensome yoke has made us mere serfs in the fields held hostage by the elites. What happened to the American dream?
Just how extreme is our debt obligation? Its about 15 trillion dollars and rapidly climbing. A trillion is a number so large its hard to grasp
but lets try. A trillion dollars is a thousand billion dollars (1,000,000,000,000). If you were to spend a million dollars a day for the next 2000 years how much would you have spent? Lets do the math. Two thousand years X 365 days per year X one million dollars per day would equal a whopping 730 billion dollars.
Thats about ¾ of a trillion dollars and represents roughly the US bank TARP bailout amount in 2008. The annual US federal spending is about 3.8 trillion dollars. Government spending exceeds the budget by 1.3 trillion dollars. If the government didnt borrow to cover the deficit, every household in America would have to pay approximately $11,000 in additional taxes. Experts anticipate that excessive deficits of this magnitude will remain on the radar for years to come.
Political party infighting and fear of political suicide, has allowed the unrestrained practice of borrow and spend beyond our income to go too far. They know extreme austerity measures, large enough to make the difference, could cause a tailspin and send us spiraling into a very painful recession or worse.
It would perilously reduce tax revenues for all levels of governments and raise unemployment to unacceptable levels. Are we past the point of realistic solutions and our leaders are prolonging the inevitable by continually kicking the can down the road? Which straw will it be austerity or default that finally breaks the camels back plunging all into chaos that totally destroys our unique and precious American way of life?
Government has become so massive, powerful and top heavy with debt, our financial system has morphed into what seems like a colossal Ponzi scheme borrowing from Peter to pay Paul. A very similar debacle is already beginning to implode. Europe is in far worse shape than the USA and the PIIGS are sliding down the slippery slope of sovereign debt default.
It appears Greece will be the first to collapse under the weight it simply cant pay all its bills and service its overwhelming debt at the same time. The path it chose was to forestall the inevitable by borrowing more and more money that has a familiar ring to it!
All eyes are presently on Greece. Like a lab experiment, the process and outcome may clarify what we will experience when its our turn. Should Greece default on their bonds, European banks would take a severe haircut
some would likely fail. Should Italy and other PIIGS default as well, additional European banks could collapse in turn.
This domino effect of bankruptcies, threatens to break up the EU who is scrambling to put a flimsy patch on these at risk banks keeping them in cash and temporarily solvent. This problem wouldnt exist if the EU had forced a balanced budget on every member or face ejection. Do any real solutions remain? Many experts speculate whether the Euro will survive.
The European debacle will have a severe influence on our banking system. Resulting from the Federal Reserve stress test, about half of our largest banks reported making loans or extending credit to European banks. If our too big to fail banks are not able to absorb significant losses on their balance sheets, it could put our entire financial system in jeopardy.
Why do you think Congress panicked and passed the TARP bailout bill in 2008? Should I mention Europe is also a huge trading partner of ours? Our economies are symbiotically joined, so for us, Europe is too big to fail. In a, worst case scenario, no one knows the final effect on our economy but many speculate it would result in another Great Depression.
Should the European financial system implode, worldwide stock markets would reel and many would bolt for the door. Stocks, bonds and derivatives would be forced on the market place and sold for far less than the original purchase price. Much of the illusion of wealth would shrink in value during this dash for cash.
A large amount of these deleveraged funds would compete seeking out things that would hopefully hold value such as gold, silver and other precious metals. Considering their limited physical supply, how long would they be available and at what price?
The US$, being the world reserve currency, may initially benefit from this flight to safety, which has been the case in recent history. Those holding Euros may run to US Treasuries while others losing value in other shrinking currencies could also do the same. Many international investors that were able to exit the door in time may pursue US Treasuries as well. The US financial markets would be settled in US dollars during this deleveraging process and many may also seek refuge in US treasuries.
But what if too big to fail American banks began to topple because of over exposure to collapsing European banks? What would happen to the Credit Default Swaps and trillions of dollars of toxic derivatives many deceptively bundled and sold as AAA? How severely would this affect the US financial markets?
Considering the enormous debt owed by the US government and the perceived effect this crash could have on the US economy, tremendous loss of confidence would be experienced by many holding US treasuries worldwide. Should caution prevail over valor, China, Japan and other large US treasury holders could hastily dump them before they became worthless paper. This run would force the Federal Reserve to, out of thin air, produce billions if not trillions of US dollars to buy back those IOUs.
Since the US$ floats on the international money market, this massive dilution could in turn cause a devastating revaluation resulting in hyperinflation. Consider what happened to Zimbabwe, Argentina, Brazil, and Germany.
Confidence wanes, instability reigns. With hyperinflation, our commerce could effectively grind to a halt. Every American would be profoundly affected. Social Security, Medicare, retirement funds, unemployment and welfare programs would be rendered insufficient or cease to exist. Businesses would shut down significantly increasing unemployment. Basic goods could be severely disrupted. And for those without jobs, daily activities would be reduced to desperate survival.
There would literally be blood in the streets as average citizens would demonstrate in mass and peaceful demonstrations would grow violent out of frustration and desperation. Chaos, crime and civil disorder would be rampant. The National Guard would be called up. Martial law would evolve into loss of freedoms, curfews and restricted movement.
Another consideration is when a major financial down turn occurs, a war somewhere typically rears its ugly head. War distracts, rallies us around the flag and invigorates the economy. The Great Depression didnt end until the advent of WWII. Millions of jobs wonderfully materialized to support the war effort.
Tension in the Middle East is presently so precarious it could explode much sooner than later. Iran continuously threatens to wipe Israel off the face of the earth. The UN nuclear watchdog, IAEA, claims they have growing evidence Iran is building nuclear weapons capability. Israel and the west wont allow this to come to fruition. Saber rattling continues to grow in frequency and volume.
The people of Egypt and Libya have overthrown their governments which are being replaced by radical leaders who oppose Israel and her steadfast supporter America. Syria and other tyrannical governments are at risk of falling to this radical movement as well. Frustration, conflict and instability are rapidly growing in the region.
Black gold oil, is the focal point. Whoever controls the flow of oil in the Middle East has major influence over world commerce and economy oil could be held hostage for political gain. Virtually all oil bought and sold is transacted in US$ by agreement. This is one of the reasons the US$ is so influential in the world and you can be sure America will exercise extreme measures to preserve this privilege. Middle East oil is so crucially important that its falling into the wrong hands could effortlessly explode into WWIII.
Can the world afford another costly and potentially calamitous Middle East war? The price tag of oil would skyrocket to unthinkable heights! Since oil is factored into everything we buy, what do you think this would do to our already perilous economy all by itself? That would be one gigantic bunker buster! Could we climb out of that smoking hole? More debt, more inflation, more misery why doesnt sanity prevail?
In growing concern, many are wondering how bad this mess will really get and are asking: How soon could these things occur? Which Black Swan will cause the triggering event? Will the world irrevocably change? Its all looking more and more precarious. Since, individually, well have little influence over the final outcome, we should do certain things to put our own houses in order just in case. Many have already begun the process of preparing for the worse while still hoping for the best.
At risk of sounding over-the-top, I ask you an important question
are you prepared for whats coming? Close your eyes and imagine your financial world collapsing around you. Ask yourself these questions: What if my money was inaccessible due to bank holidays, would I have any options? What would my buying power be if the dollar was diluted to mere pennies?
What supplies could I acquire considering the soaring price of basic necessities if even available? Would anyone be willing to help me? Would I be a casualty or a survivor? What should I have done to prepare?
So why are you waiting? There is little down side to being prepared. There are many practical and simple things you can do. Applying common sense can go a long way toward being a survivor.
1. First and most important, dont procrastinate. We are being deceived by government bureaucrats and the news media who say things are ok and under control. Eminent danger is lurking just over our horizon. Threatening storm clouds have already gathered over Europe and the wind is increasing.
In my opinion its time to get ready. Depend on no person or government program to come to your aid. Your security is your responsibility! Adopt the practical Amish and Mormon preparedness and self-sufficiency traditions. The party is over its time to get serious.
2. Prepare for this approaching financial disaster much like you would a natural disaster. Make a list of essential things you require and consume on a daily basis food, medicines, toiletries, paper goods, suitable clothing, water, flashlights, a battery operated radio/TV, appropriate types of batteries, tools, a bicycle, etc. Begin to stock pile these items in a safe place. (Please note its very unsafe to store things like gasoline but you can develop a worthwhile habit by keeping your cars fuel tank full.) Omit those things you can live without.
3. Consider over stocking on things that would have obvious barter value. These items could become more valuable than cash. They could be easily traded for goods or services you might have overlooked or may require in the future but couldnt practically acquire ahead of time.
4. Dont waste valuable money buying new items. Find quality used items for a fraction of the cost. Obtain these essentials at yard sales, swap meets and places like Craigs List. Become a sharp trader...dont be afraid to make a lower offer. This exercise will give you a good feel for the street value of things. It can be a fun activity and satisfying too knowing youre prepared.
5. Set aside some emergency cash and keep it in a safe place. And by all means, dont spend it. Break the bad habit of unnecessary spending. Your mattress is not a recommended place to hide cash or other items of value. Use common sense and be creative.
6. Review your financial obligations. Reduce debt and downsize as much as possible. Also, sell things you dont need or no longer use. Organize your own yard sale. Its amazing how much money you can realize this way. Get all this unused stuff converted into the necessities on your list before things get any worse. The wise thing is to buy tomorrows needs with todays dollars.
7. Should you be among the fortunate with excess money, consider buying precious metals as a hedge. Should the US$ experience hyperinflation, the price of gold will likely rise quickly. Paper gold i.e., ETFs, etc. will just convert back to deprecating dollars. The experts predict physical coins will likely be accepted as currency or barter. An important thing is to have some survivable wealth to bootstrap your new beginning in the world that will struggle to emerge. It is anticipated gold and other precious metals will be one of the few things that will survive a financial holocaust. But, we will only know just how much value gold will preserve after the dust settles. Nevertheless, gold is worth careful evaluation and consideration.
8. Invest in a pressure cooker, some canning jars and lids. Learn how to preserve your food. The time may come when canned food at the store is not available due to shortages. Find a local farmers market and buy fresh food so you can practice canning some meat, vegetables and fruit. If you have a plot of ground available, start planting a garden as soon as practicable.
9. Learn how to do things for yourself. The Internet is loaded with information, i.e. Mother Earth News and similar sites. Stop wasting time watching the boob tube. Learn survival techniques and try to find others around you that have practical experience and knowledge in these areas.
10. Guys and gals using your hands can be fun. Be thrifty. Obtain a basic set of quality tools and learn how to use them properly. They will pay for themselves. Begin repairing some of your own things. The Internet is full of practical knowledge and good tips. Learning new skills will help you save money and gain self-confidence.
11. Dont tell anyone you are squirreling away a stash. Guess who will come knocking on your door when they find themselves in desperate need. You dont want to be forced into soup lines with the desperate masses
Let this be a guide to expand your custom list. Conduct a brain storming session with your family.
Collectively, you will find additional items of importance to add to your list. The Internet has an abundance of information in this regard. Some sites go to scary extremes while others offer worthwhile and practical advice. Whatever you choose to do, make sure you cover your essential needs.
Dont procrastinate stay diligent. In this fickle world with its many uncertainties; vigilance, prudence and preparedness make perfect sense. Even the experts dont know how grim this will be or what this unbelievable mess will evolve into after the world regroups. We can only hope we will emerge from this in one piece including family and friends. The better prepared we are, the more we improve our options.
I wish you every success
Coming from a 24 year IT and business profession, I admit I am not an expert in these things. But after investing thousands of hours of in-depth research and diligently following the evolution of this financial debacle the world finds itself in, I have acquired a strong fundamental understanding of the subject.
Four years ago, marked the beginning of my interest and concern over the housing bubble. Not long after, followed Lehman's collapse, the stock market crash and the banking crisis. Skeptical of reports and explanations from the national news media and comments by government officials, I turned to the Internet seeking credible information.
What I found was a wide spectrum of speculation and forecasts by the so called experts that ranged from gloom and doom to Pollyanna. I decided the best way to sort it all out, was to keep score. Those that demonstrated in-depth knowledge of the financial system, produced the most accurate forecasting record and provided consistently reliable information, gained my respect and trust.
Over the years I developed a short list of individuals I consider credible. Its from this discerning group my perceptions have evolved. The above is a thumbnail sketch of how we got here, how I understand these things interrelate, what I believe may transpire and what we can do to protect ourselves.
Many who know me have repeatedly asked questions based on my ongoing study, which has prompted this article. I take this subject very seriously and offer these viewpoints to those who genuinely wish to consider them.
Since Im not professionally qualified to advise you, let me suggest this
if youre a doubting Thomas, I challenge you to do your own research. Connect the dots
its not rocket science! Many will not address this issue because its too scary and depressing or believe it just couldnt happen to America. But if your welfare is important enough to you, invest the time, seek the truth and get prepared for whats coming.
So, someone has an accurate, verified crystal ball that predicts the future?
If you stock up on stuff, you gotta protect it.
no mention of stocking up on weapons & ammo
It is that difficult to see that the world economies can not sustain what they are doing now and, especially the US, show no signs whatsoever of making even minor changes.
Some things you'll have to 'think-through' for yourself.
Like...how to use that pressure canner when the electricity is off.
It would seem to already be a good idea to be able to self-generate enough electricity to get through a week of bad weather in the winter.
The utilities just don't seem to get around to fixing things as quickly as they used to.
Have never regretted the move to Ak just the same; life is good up here. We are more secure and free than anytime or anywhere we have ever been. We are self-sufficient, grow & harvest most of what we eat, gold in all the local streams, but more importantly way more satisfied with life itself. Heck our family got 3 moose & 4 caribou this fall; I could care less what happens as I wait.
I am prepared in every way and bet many on this board are.
So true. If you are all stocked up on that one year’s worth of food and all of the other stuff that goes with it and you have not planned for an alternative electrical system you will be sitting in your living room in the dark. When the SHTF the only people who will be able to exist in even modest comfort will be the ones with electricity. Everyone else will be in misery.
A solar or micro hydro system is our current number one priority now that we have other stuff out of the way. If money is a problem you can make your own solar panels and use auto batteries for your battery bank. It may not run your clothes dryer or HVAC but it will keep the lights on, run the well pump, refrigerator and you can probably run the vacumn cleaner once or twice a week and wash a few loads of clothes and heat some water.
You don't have to have a crystal ball to see the writing on the wall. In every society where the money has been inflated to cover the debt the money eventually becomes worthless. This has been going on for a few thousand years, EVERY TIME!
We have done it to ourselves. We have more debt and obligations than can ever be repaid. We have too many people who live off the work of others. It sounds silly but this fellow is right. It does not mean the end is near, there are ways to get out of this mess but the powers that be are doing everything they can to throw us into the cauldron so that they can bring in Socialism or Communism. I don't think they will succeed, there are too many guns in this country.
All we need to do is produce our own energy, that one thing would save us. I'm not counting on being saved, praying for it but not counting on it. It is time to do more than think about what could happen in a collapse. GET PREPARED. It can't hurt to have money, precious metals and food squired away for a rainy day. It can't hurt to have a plan for the kids to come home when they can't make their house payments anymore and they lose their jobs.
Who knows what will happen, I don't think anybody on earth knows what WILL happen in the future but there are some pretty good indications of what CAN happen. Just be prepared for just in-case.
After hurricane Andrew, I went down there to help friends. It was a war scene. It looked like someone dropped a bomb on the area as far as you could see.
Friends were w/o elec. for 2 months. It is difficult to sleep soaking wet in September w/o a/c here. Darkness as far as you can see. Gun shots, the occasional generator. Each intersection had nat’l guard. Plenty of food and supplies from churches, Red Cross, Nat’l Guard. It was an interesting experience.
What I helped with was shoveling drywall out the windows and dragging it down to the curb. They lost their entire roof to the rafters. All glass gone, garage door gone. It was scary. And the stories ugh.
I’ve seen a small sample of hell.
Very, very few people are prepared for what is about to befall this world. You know the same people who cause it will be clamoring for power to fix it.
It’s always been that way it seems.
Am I reading this wrong? Is he saying that somehow government austerity will cause the same things that massive overspending have caused?
We’re nowhere near as prepared as we should be, but we’re paying off our large credit card debt very aggressively, not purchasing much of anything, and we bought a manual water purifying system. I also always, always buy extra at the store and have at least a few weeks worth of food stores.
Oh, and we’ve also stocked up a bit on “defense” items.
If the European and American elite do collapse this global economy with their incompetence, we need to suspend their membership in the “citizen of the world” club and make them all come home to face the music.
No more globalism; they can’t even run their own countries and they are out globe trotting, raining ruin on the whole world.
We don't have the crime here and everybody is armed to the teeth. Our road is only open for the summer so we haul in what we need out of necessity and quite prepared I think.
But all that aside, I luv the country & freedom I have here more than anything. Once you figure it all out in a real rural environment, life ain't so bad; just have to learn different skills that you didn't use say back east. I just had 20 frozen Sam's pizzas flown in. If it all falls apart, guess we'll have to make our own.
“...After hurricane Andrew, I went down there to help friends. It was a war scene. It looked like someone dropped a bomb on the area as far as you could see....”
We live in rural SW Louisiana. After Hurricane Rita ripped thru here, we were 16 weeks without power out here. We were, and remain, pretty well stocked up on all the essentials...including ammo. Situations like that bring out the best, and the worst, in folks. Most around here joined together to help each other out and to help protect each others’ property etc. There were a few “bad eggs” but they didn’t tend to hang around long when a riot 12 gauge is stuffed in their faces. But a full blown collapse is a totally different story. It would be like surviving after a hurricane but there was no help coming.....ever. People will panic, especially in the big urban areas, when the big food trucks stop running. I would not want to be one of the social/political “elite” captured by “the hungry, unwashed masses” when this occurs. It will be barbaric.
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...UK in the title. Their gun laws are a lot stricter than in the States.
yikes...thanks...I missed that.
The system will ultimately collapse from default or high inflatiom/hyperinflation.
The US government presently borrows 43% of what they spent. If that were stopped, we would rapidly plunge into a deflationary spiral and default. Keep borrowing and we will eventually hyperinflate.
There is no way back from here.
Some sort of serious collapse is in our future...when? Who knows. They're just 'kicking the can down the road' as long as possible. Every politician is hoping that it doesn't happen on his 'watch.' He wants to get his 'goodies' and get out of DC before TSHTF.
...You made a good point, regardless, I didn't even think about that. (-;)
See post #26.
Black clouds cover the horizon, the lightening is flashing and there is the distant sound of thunder! The storm flags are going up, will you heed them?
I am very aware that if its the great end that there is nothing I can do to stop or change it, but history is full of instances and times when man or nature have caused such a calamity that people have cried out and begged God to end it all.
The bible has many verse such as this:
A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3
This verse and others are there for a reason and I urge all to take heed of them, because we are clearly on the edge. Everyday there is a new story about the Yutes who grow more restless everyday and when you add the fact that because of the economy people are already on edge it wont take much to set things off.
Reminds me of one of my favorite quotes:
Star Trek: Deep Space Nine: The Siege of AR-558 (#7.8) (1998)
Quark: Let me tell you something about Hew-mons, Nephew. Theyre a wonderful, friendly people, as long as their bellies are full and their holosuites are working. But take away their creature comforts, deprive them of food, sleep, sonic showers, put their lives in jeopardy over an extended period of time and those same friendly, intelligent, wonderful people... will become as nasty and as violent as the most bloodthirsty Klingon. You dont believe me? Look at those faces. Look in their eyes.
Today we have yutes who roam our streets who are with out morals, without respect for law or life itself. They will look are you with the same doll eyes a shark does before he eats you and they will feel no more compassion than the shark does.
That will be the test of many. Most preppers I know are Christian people and they will hesitate to do what they might have to do to stop the yutes. On the other hand the yutes wont think twice nor lose a minute of sleep, in fact they will smile and laugh about it.
For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:
For those of you who havent started already its time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.
If you like to read more about what SHTF in Bosnia was like take a look at this post on Bosnia War Survivor Selcos Blog at:
There is no greater disaster than to underestimate danger. Underestimation can be fatal.
As the LDS say When the emergency is upon us the time for preparedness has past.
"McCarthey lies asleep beside the glacier It's colder now, winter's in the air If you think they're wild it's just because they can't be broken It's a strong and gentle people living there" - John Denver, "Wrangle Mountain Song"
I have bottled propane cookers/outdoor stands, etc.
Think you're going to be allowed to borrow much more?
Good news.....winter is coming. For those of us living in the northern states this is a very good thing. The unprepared will be moving south. The prepared that live in the north will be safer.
what do we do with whatever money we have saved?....in savings accounts or 401’s?.....if money is going to be worth pennies, is there any strategy at all to protect it?....
Funny you would say that because the USA has MASSIVE supplies of oil, natural gas, coal, uranium for light-water nuclear reactors and thorium for molten-salt nuclear reactors, plus some of the best conditions on Earth for wind power, solar power and even ocean tidal power. As such, because under the right leadership we can produce far more than enough energy for our own needs, North America could actually "weather" the upcoming financial collapse even by being operating as an isolationist country because we have the energy sources to not only survive, but recover faster than almost any other place on Earth.
Every economic doomsayer out there has said that the first country that can thrive even when most of the world's trade is cut off by economic conditions will be the one that leads out of this economic abyss. With all that potential supply of energy just in the continental USA plus within 300-400 miles offshore, the USA is potentially better-prepared to "ride it out" alone than almost any other country on Earth.
“You know the same people who cause it will be clamoring for power to fix it.”
The powers-that-be that caused this mess knew exactly what they were doing all the time.
And they are prepared for it.
Let's pretend that Congress and a few hundred thousand bureaucrats suddenly died of a heart attack tomorrow and were replaced by intelligent humans; or at least humans with a basic instinctual level of sense. Is there nothing, in your opinion, that they could do to correct our current woes and pending doom?
BREAK INTO ALL NEWS and publicize this as an EBS
GET OBAMA OUT
1-pay China back
2-sell all the gold in Fort Knox,
the statue of liberty
Obama’s wasteful tour buses,
take the billions Obama stole to make windmills and study chinese hookers and field mice to pay off ALL DEBT TO CHINA
—just like a household in debt.-—Sell whatever it takes to pay off debt-—
4-Rescind the Dodd/Frank CRAct amendments and ObamaCare
All congress/senate takes immediate paycuts and 50% cut to staff.Make it punishable by jail for any of them too practice inside trading.Get big pharma/banks,cars and so on OUT OF BIG GOV
5-Fannie and Freddie covers all the bad mortgages.
All FHA mortgages PAID IN FULL.(SELL A FEW BEACH HOUSES IN DUBAI)PAYROLL TAX HOLIDAY FOR ALL=PAID for with Solyndra Obama stolen money
6-Cease borrowing from peter to pay freddie to pay paul to pay Fannie
7-defund the EPA open up all Obama is blocking
8-open every steel mill/foundry back up
9 tell the UN and all nations/terrorists we fund’ to GFT and too pardon us while we balance our check book
10-get wall street out of government out of Obama’s hip pocket NOW.
I searched and NO ONE posted that article.
1) Aggressively audit every Federal, state and local government agency for overlapping bureaucracy, agency bloat and obsolete/unneeded regulations and cut the size of government by 30% now and up to 50-60% within five years.
2) MASSIVELY overhaul income taxation to reduce yearly income tax compliance costs and encourage more savings and capital investment in the USA. This means going to the Steve Forbes 18% flat-rate no-loophole income tax starting the upcoming calendar tax year (2012) and start the process so three years from now we finally repeal the 16th Amendment and replace the income tax with something like FairTax (H.R. 25/S. 13). This would have the side benefit of making both Social Security and Medicare less necessary, since people can now create "nest eggs" for retirement and medical bills completely tax-free.
3) Implement a large range of reforms on our financial system, which includes:
a) Require all investments to have liquidity backing, or ban the investment as financially too risky.
b) Increase to minimum margin requirements for futures trading to 17%, with a 30% minimum for certain strategic items like petroleum products (crude oil, natural gas, unleaded gasoline, diesel fuel, heating oil and kerosene), certain industrial metals (aluminum, copper, iron, nickel, tin and titanium), certain foodstuffs (cacao beans, coffee, corn, millet, oats, rice, soybeans and wheat), and precious metals (gold, silver, platinum and palladium).
c) Reimpose the 1933 Glass-Steagall Act and give the "too big to fail" banks 18 months to separate out banking and investment operations.
d) Strictly ban anyone working for a government agency from owning private company stock or bonds or the ownership must be placed in special escrow account overseen by a third party.
e) Begin a ten-year phase-out of the Federal Reserve Note fiat currency and replace it with a new US dollar backed by a combination of gold, silver, platinum, palladium, copper and nickel (the most common metals used for coins and bullion blocks used in monetary trade).
4) Aggressively develop all domestic energy resources to make the USA self-sufficient in energy production. This means taking advantage of crude oil, natural gas, and coal reserves (which are still gigantic) in the USA onshore and up to 400 miles offshore, putting all that uranium and thorium into modern, meltdown-proof nuclear reactors, do large scale wind power projects in the upper Midwest (one of the best places on Earth for wind power), do large scale solar power projects in the desert Southwest (one of the best places on Earth for solar power), and even take advantage of tidal power off the US coasts.
In short, under the right leadership, the USA could become again the world's #1 economic superpower and then some, especially since our ground transportation infrastructure is still unmatched anywhere else in the world.
Of course I agree with all of that but what should we sell to pay off China? And what about telling the UN to GFT?And or ending billions in wasteful foreign aid we dole out constantly?
Great point, and one that a lot of people seem to overlook; especially the so-called "preppers" whose only priority is to have an arsenal of weapons and mountains of ammunition. They will be spending a lot of time sitting in cold darkness, right along side 10,000 rounds of ammo.
Electrical power is what separates us from our comfortable modern existance and 19th Century frontier living.
“So, someone has an accurate, verified crystal ball that predicts the future?”
You don’t need a weather man to know which way the wind blows.
“Electrical power is what separates us from our comfortable modern existance and 19th Century frontier living”
Yes washing your clothes in a pot of boiling water over a fire in the front yard is a highly overated activity. As is handpumping water from your well and reading by candle light and many other activities we take for granted. Thats why in the 1800’s the life expectancy was about 35-40. Everyone worked themselves to death.
most people are too stupid to even figure out who is resonsible for the problems we are dealing with today not to mention a collapse.