Collapse: “It Will Be Sudden and Very Painful”

SHTFplan.com ^ | August 4th, 2011 | Mac Slavo

[barmag25]

While it’s too early to tell whether or not the destruction in stock markets will continue as it did in 2008, one thing is for sure – when the bottom finally falls out of this economy it’s going to come as a surprise to tens of millions of people who have been bamboozled by their trusted politicians and corporate elite.

Today’s Dow Jones collapse of 350 points is but an indicator of the severe volatility and unmitigated destruction we can expect as this crisis enters the next phase. Former comptroller general of the Government Accountability Office (GAO) David Walker warns that it’s going to hurt:

“Here’s the bottom line. If you take the total liabilities of the United States – public debt, unfunded pensions, retiree health care, under funding with regard to social security, with regard to medicare, a range of commitments and contingencies – as of September 30 2010 we would have had to have had $61.6 trillion dollars in the bank in order to be able to defease those obligations.” Walker explained.

“The fact of the matter is that government has grown too big, promised too much and waited too long to restructure. Our problem is overwhelmingly a spending problem.” Walker, now the head of the fiscal advocacy group the Comeback America Initiative, told viewers.

[Georgia Girl 2]

Yes we were just looking at them the other day. We have a lot of red winter wheat but we were thinking that its probably better to stock up on flour and use that up first and save the wheat for later.