Skip to comments.Collapse: “It Will Be Sudden and Very Painful”
Posted on 08/05/2011 6:18:22 PM PDT by barmag25
While its 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 its going to come as a surprise to tens of millions of people who have been bamboozled by their trusted politicians and corporate elite.
Todays 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 its going to hurt:
Heres 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.
(Excerpt) Read more at shtfplan.com ...
Hate to say it, but HE’S RIGHT!!!
The debt is simply too high, and now our credit has (finally) been downgraded. People that count are FINALLY convinced of what I’ve been convinced about for the past 2.5 years...which is that we simply plan to keep borrowing and NEVER pay it back
Things will get very interesting. We just took a debt downgrade...future downgrades will come much quicker and not on Friday nights.
...and once confidence in our dollar is gone (some time next week), good luck affording ANYTHING that requires imported content...because they will no longer want our WORTHLESS dollars.
So what to do...well, you have this weekend. Things will still seem normal...IDIOTS will still treat your dollars as worth something, and you can still go out and buy a lot of stuff. SO BUY IT - EVERYTHING. Figure at least 4 years worth...until we can rid ourselves of the people that are causing this problem...which hopefully happens next year.
Oops, I think you're a little late. It's August and 90% of the US debt "sold" since the first of the year has been to the Fed or Fed surrogates. IOW, only 10% of our debt has been actually loaned to us. That tells you what those in the know have known for some time.
All done, lock and load.
Shove it up your ass, Mac Slavo.
I’m real tired of you trolls selling stale TVP flavored chicken tidbits thru your stupid blogs.
“Oops, I think you’re a little late. It’s August and 90% of the US debt “sold” since the first of the year has been to the Fed or Fed surrogates. IOW, only 10% of our debt has been actually loaned to us. That tells you what those in the know have known for some time.”
No, you are right...and when you say “sold” to the fed, what you’re saying is that it’s paid for with printed money.
So it’s GAME OVER. Hopefully we can emerge on the other side with some sanity. Maybe we will consider things that might have been short-sighted, such as:
1) Shutting down coal production due to ‘global warming’.
2) Shutting down oil drilling in the golf
3) Shutting down farming in the California Central Valley, due to a tiny fish
4) Shutting down logging due to a vulture that should already be extinct
5) Breaching hydroelectric dams in the Pacific Northwest
6) Shutting down nukes because of an accident in Japan
7) Building trains that no one will EVER use
8) Paying federal money for welfare, ‘education’, food stamps, ‘disabilities’, the ‘arts’, ‘housing’, etc...
9) Giving foreign aid to China, a country that will likely blow past us economically before the year is out.
Will there be a run on the banks Monday?
Hopefully all the idiots are watching reality T.V. and not paying attention to this crap. I wish I was simple like them.
Don’t buy the freeze dried from Costco. It’s TVP
Yep. Yesterday was just a warning bell. If you have not started prepping its not too late. Just start stocking up on canned goods and dry staples. When this thing goes and it will its going to be danged unpleasant. If you have prepared you will get through it.
I’ve never been in Costco, so I’ll take your word.
Are the chickens at Costco freeze dried TVP? If everyone ate TVP, the Earth would stop spinning because everything would be constipated. Every can of TVP should come with an M-60 to soften the stuff up.
TVP? Oh come on! Don't keep us guessing what TVP means.
TVP? Oh come on! Don't keep us guessing what TVP means.
TVP = textured vegetable protein
it’s used for meatless food that is kind of like meat in texture and taste.
textured vegetable protein. If I recall my 70’s correctly when I first started looking into food storage and prepping.
Costco has 50 lb bags of rice or bread flour for $17.
TVP is also used as an extender. Some fast food joints use hamburger that is 93% beef and 7% TVP.
Next step is learning about plants, medicine and combat techinques.
(I'd read that Jack in the Box tacos don't really contain meat.)
Dairy Queen, for one.
The information is c. 1980-or-so. There were others, but I've forgotten. None of the big names, though.
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.